The Lothian Pension Fund has admitted its investments in Sberbank and VK Group are “worthless” following Russia's invasion of Ukraine.
The pension scheme for public sector workers from Edinburgh, East and West Lothian still owns shares in Russia’s largest bank, which has been sanctioned by the EU, US and UK.
As of 30 September 2021, the investment fund held 95,213 shares in Sberbank, valued around £1.3m.
