News 2.3.2022

Ilmarinen will not make new investments in Russia

Ilmarinen Mutual Pension Insurance Company has decided that it will not make new direct investments in Russia or in Russian companies.

Ilmarinen expects its investment targets to comply with international norms that Russia has violated with a direct attack on Ukraine. In addition, Ilmarinen takes international sanctions into account in its investment activities.

At the moment, Ilmarinen has direct investments of approximately EUR 130 million in Russia, which is 0.2 per cent of Ilmarinen's EUR 60 billion of investment assets. Most of this amount consists of investments in Russian government loans. The amount also includes a minority share of a shopping centre property in St. Petersburg. In addition, Ilmarinen has indirect investments worth approximately EUR 40 million in Russia through its fund investments.

Ilmarinen does not have direct equity or corporate loan investments in Russian companies.

- The greatest suffering of the war is taken on by the Ukrainian people. From the perspective of pension investments, Ilmarinen's direct risks in Russia are minor. The greatest impacts on pension investments are indirect. They are caused by, for instance, sanctions and their effects on individual investment targets, rising energy and commodity prices, increasing market trepidation and possibly a long-term decrease in the growth rate of the world economy, explains Mikko Mursula, the Chief Investment Officer of Ilmarinen.

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