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World News

C of E ditches Russian investments as world unites to hit Putin where it hurts

by Press Association

Russian investments reportedly worth £20 million have been ditched by The Church of England, according to The Times newspaper.

The C of E pensions board has been instructed to exit “all current direct holdings in Russian companies”, a spokesman for the Anglican church has said.

They told The Times: “The Church Commissioners and the Church of England Pensions Board issued instructions to all of our managers to exit all of our current direct holdings in Russian companies and to make no further investments in Russian companies.

"Holdings across portfolios in Russian companies represented approximately 0.16 per cent of total investments.”

It did not name any companies.

The move came as the world united to hit Russian president Vladimir Putin where it hurts, with widespread sanctions designed to destabilise the Russian economy.

The Daily Mail newspaper reported that Russian ruble dropped to as low as 119 per dollar in early trading on Monday.

It tumbled beyond previous low of 90 rubles per dollar - with it last at 109 - prior to the invasion of Ukraine.

In response, Putin banned the depositing of money in any foreign accounts, to stop cash, especially held by rich Russians, moving out of the country and further destablising the economy, reports said.


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