THE Scottish Parliament's pension investments should be moved from a Russian state-owned bank in the wake of the Ukraine invasion, MSPs have said.
Pension funds worth almost £300,000 should be divested from Russia’s largest financial institution, Sberbank, according to the Scottish Greens and Liberal Democrats.
A freedom of information request by The Ferret found that the Scottish Parliamentary Pension Scheme has holdings in Sberbank worth £299,571.
Following the revelation, Scottish Green finance spokesman Ross Greer and Scottish LibDem economy spokesman Willie Rennie both called for the investment to be reviewed.
READ MORE: Stewart McDonald warns of Russian fake news surge over Ukraine
In a motion lodged at Holyrood, Greer wants MSPs to support a demand for the trustees of the Scottish Parliament Pension Fund to “immediately divest its holdings in Sberbank and to review all current fund investments to ensure compatibility with Scotland’s commitment to be a rights-respecting nation”.
Scottish Labour MSP Paul Sweeney has also tabled a motion calling for the consul general of the Russian Federation to be expelled from Edinburgh, for the Scottish Government to undertake a full audit of “corrupt” Russian assets in Scotland and to confiscate them.
President Joe Biden cut direct access to the dollar for Sberbank and another Russian bank, VTB, and Greer’s motion also calls for the UK Government to follow suit with further sanctions.
A Scottish Parliament spokeswoman said the pension funds were controlled by investment firm Baillie Gifford and expressed doubt that the parliament could choose where money was invested.
She said: “The trustees agreed in March 2021 all future pensions contributions would be invested in a sustainable, ethical fund that excludes companies that contravene UN principles on human rights, labour, the environment and anti-corruption.
“The SPPS invests in pooled funds with Baillie Gifford.
“It is one of a number of investors in the funds, therefore beyond these ethical conditions, the trustees cannot direct Baillie Gifford in their investment strategy.”
READ MORE: First Minister Nicola Sturgeon issues challenge to Home Office over Ukraine refugees
Commenting on his call for investments to be divested from Sberbank, Greer said: “I cannot fathom why the Scottish Parliament Pension Fund has holdings in Sberbank in the first place but, in light of the Russian invasion of Ukraine, it is clearly inappropriate for that to remain the case.
“Some trustees of the fund have resisted ethical investment policies for too long but I’m sure most MSPs and former MSPs will want this urgently addressed and Sberbank immediately divested from.
“Colleagues who support this proposal should sign my motion as soon as possible and speak directly to the trustees.”
Rennie added: “Scotland needs to play its part in putting the squeeze on Vladimir Putin and his regime and that means using the financial leverage we have.
“In the grand scheme of things, this is not a huge sum of money but it is important to send a message that Putin’s behaviour in Ukraine will not be tolerated or supported.”
Cosla, the representative body for Scotland’s councils, has also written to the Russian ambassador in the UK, Andrei Kelin, to express support for Ukraine following the invasion of Russia.
Cosla president Alison Evison said: “The Cosla convention, the largest political gathering of local leaders in Scotland, unanimously agreed I put on record that Scottish local government expresses our full support to and solidarity with the Ukrainian people and our peers in local and regional government.
READ MORE: Volodymyr Zelensky: 16 children have been killed in Russian offensive
“The inevitable suffering being, and yet to be, caused to local communities across Ukraine by the Russian military invasion cannot be ignored.
“What is happening now in Kyiv, twinned with Edinburgh from where I chaired today’s meeting, is both frightening and heartbreaking.
“We in Scottish local government stand ready to open our arms to those in Ukraine and help them in whatever way we can.”
The letter concluded by calling on Russia to cease its attack, to leave the national territory of Ukraine, and to respect all international treaties and fundamental principles of international law.
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel