In light of the ongoing Russian invasion of Ukraine and the continued escalation of sanctions imposed against Russia in response, the Morrison Government is today confirming its strong expectation that Australian superannuation funds will review their investment portfolios and take steps to divest any holdings in Russian assets.
The Government welcomes the voluntary actions taken to date by some superannuation funds to divest their Russian assets.
While Australian superannuation funds only have a small exposure to Russian investments in the context of the $3.5 trillion superannuation system, it is important that Australia sends a clear and unequivocal signal that we condemn in the strongest possible terms Russia’s unprovoked and unjustified attack on Ukraine.
The actions of Australia’s superannuation funds to divest of Russian assets will complement the range of sanctions imposed by the Government to exert pressure on Russia, in alignment with our international partners.
These steps by Australia’s superannuation funds will come on top of the decision announced by the Future Fund to similarly wind down its remaining exposure to Russian assets as market conditions permit.
The Australian Government reiterates our staunch support for Ukraine’s sovereignty and territorial integrity and for the people of Ukraine.