California lawmakers turned to the state’s two giant pension systems to punish Russia when the country invaded Ukraine in February, urging the funds to sell off Russian holdings.
Four months later, the California Public Employees’ Retirement System still holds all of its public and private investments in Russia. Worth $765 million at the start of the invasion, they’re now valued at less than $195 million, according to figures the system provided last week.
Russia shut down its stock market Feb. 25, the day after it invaded, making it impossible for international investors to sell public equities there. It may be possible to sell private holdings, such as CalPERS’ stake a giant Moscow shopping mall, but the pension system has had a hard time finding buyers, CEO Marcie Frost said in an emailed statement.
