Greens call for MSP pension fund to divest from Russian bank

The Scottish Greens are calling for the Scottish Parliament Pension Fund to divest its holding in a Russian state-owned bank.

Following an investigation by The Ferret, it was revealed that the Scottish Parliament Pension Fund has almost £300,000 invested in Sberbank, Russia’s largest financial institution.

Now, Scottish Greens finance spokesperson Ross Greer MSP has lodged a motion in parliament calling for the Scottish Parliament Pension Fund to divest its holding.

“I cannot fathom why the Scottish Parliament Pension Fund has holdings in Sberbank in the first place,” said Greer.

“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.”

The motion also welcomes US President Joe Biden’s decision to cut Sberbank off from the US financial system, and calls on the UK Government to follow suit.