Investment managers instructed to divest Russian assets

Government reviews investment portfolio

Investment managers have been instructed to divest any Russian assets held within the Isle of Man Government's investment portfolio.

It's in light of the ongoing conflict in Ukraine.

Treasury Minister David Ashford said: "In view of the ongoing military invasion of Ukraine, a review has taken place of the investment portfolio to ensure the Isle of Man Government identifies holdings of any Russian assets.

“Discussions with investment managers indicate these holdings constitute a very small proportion of the total portfolio - a fraction of one per cent.”

The definition of divest means ridding oneself of a business interest or investment.

Yesterday the chief minister confirmed work was taking place to understand the Island’s links to Russian people and entities and to understand the impact on the Island of possible further UK sanctions measures.

Alfred Cannan told the House of Keys: "We will work to ensure that we are not a weak link in international pressure on the Putin regime."