The backlash against Russia’s invasion of Ukraine continues to grow across the globe, and now the NYPD itself has decided to send a message to Moscow by divesting itself from $42.2 million in Russian assets.
The Gothamist is reporting that one of NYC’s five pensions has voted to divest itself from Russian assets as Moscow continues to use military action to invade Ukraine even as the world calls for a stop to the unprovoked war. Y’all just know that if Comrade Trump was still President he would’ve lambasted the NYPD for making such a move, but luckily for us and the world, he’s not and is currently holed up in Mar-A-Lago awaiting indictments in both New York City and Atlanta, GA (tee-hee).
“The trustees of the New York City Police Pension Fund approved a resolutionTuesday for City Comptroller Brad Lander’s office to begin divesting from securities issued by Russian companies. The city’s five pension funds hold a combined $274.7 billion and cover 700,000 current and retired city employees.”
While Lander has called for all New York City pensions to do the same, it really is up to each individual pension fund to follow suit and while it’s the morally right thing to do, millions in cash is enough to cloud ones moral judgement. The total city pension funds Russian assets were valued at $271 million just last week and with $42.2 million given up, that still leaves $228.8 million on the table, and we just don’t know if everyone is willing to leave that kind of money on the table.
“Freedom cannot be denied, here or anywhere. That’s why I stand in support of efforts to divest the city’s pension funds from Russian assets in light of the ongoing invasion of Ukraine — an unprovoked and unjustified war,” said New York City Mayor Eric Adams in a statement Tuesday.”
The state comptroller Thomas DiNapoli is also calling for the state’s Common Retirement Fund to review $110.8 million in existing investments in Russian assets while New York Governor Governor Kathy Hochul issued an executive order Sunday “to end state investments and purchases that financially benefit Russia, for as long as the federal government’s economic sanctions continue.”
Whether or not these stands against Russia are taken remains to be seen but hopefully they are as a message needs to be sent to dictators and autocrats that their money is not welcome in a democracy for the people by the people.