The Russian invasion of Ukraine is just over a month old now and the situation shows no sign of abating.
The humanitarian crisis that has unfolded in such a short space of time is unprecedented since the end of the second world war and is rightly the focus of the international community.
The Kremlin’s actions in Ukraine sparked a quick and vast exodus of international businesses from Russia as the country was heavily sanctioned by western nations and the world comes to terms with the destruction and damage that is being wreaked.
Asset managers and financial institutions withdrew what they could and put a pause on new investment. We ourselves have prevented the external investment managers of our mandates from initiating new positions in Russian and Belarussian investments and are engaging closely with them on what they plan to do with the existing holdings.
This extreme and fast response from the industry was the right call. The actions of Russia and the crisis that has ensued required a swift response and the exclusionary route for Russian assets was clearly the way forward.