Statement From City Comptroller Brad Lander on Russian Holdings in NYC Pension Systems

“New York City is home to one of the world’s largest populations of Ukrainians, and our hearts are with the people of Ukraine, the many Russians who are bravely protesting this war, and with Ukrainian Americans watching in horror from our shores.

“Russia’s aggression in Ukraine merits the swift global action we’ve already begun to see to cut President Putin and the oligarchs who enable him off from the global financial system. We are watching developments in Ukraine with great concern and following responses by fellow institutional investors closely.

“The NYC pension system is comprised of five distinct pension plans, with governance of each plan comprised of both labor and NYC elected official representatives. All decisions, including potential divestment of Russian assets, are made separately by each of the five pension plan boards.

“The White House is beginning the process of identifying the assets of sanctioned individuals and companies that support and enable Putin’s actions. Following an analysis of the funds’ holdings against that list and legal review, I plan to bring specific assets to the trustees of the five boards of the New York City Retirement Systems to consider for divestment.

“Russia’s actions remind us that one of the best ways to curtail the power of authoritarian petrostate leaders is to reduce our global reliance on the oil and gas industry. To that end, I am proud to reaffirm that the decisions of three of the five NYC pension funds to divest from fossil fuels, including top Russian oil companies, were wise actions to advance a healthier and safer planet.”

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