The Isle of Wight Council says its pension fund investments do not include Russian assets.

County Hall has carried out a review of its contracts, in light of Russian's invasion of Ukraine.

The council administers the Isle of Wight Council Pension Fund as part of the Local Government Pension Scheme.

It says it has no direct holdings in any Russian stock, or any materially significant investments in Russia-linked equities.

It has also been confirmed that none of the Money Market Funds in which the council itself holds deposits have any direct exposure to Russian companies.

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The council has also checked for direct contractual links with Gazprom Energy — one of Russia's biggest state-controlled energy companies — and other Russian fuel suppliers. 

Councillor Chris Jarman, Cabinet member for strategic finances and chair of the Pension Committee, which is responsible for the management and administration of the fund, including investment decisions, said: "I am pleased we have been able to act quickly to ensure that our members' money is not invested anywhere that may benefit the Russian regime.

"The illegal invasion of Ukraine has horrified us all, and it was important we took this step, both from a moral perspective, and as a show of solidarity with the Ukrainian nation.

"Our first hope is for peace and for an end to so much unnecessary suffering."

Read more: Isle of Wight MP Bob Seely on Ukraine President's speech