Treasury Minister David Ashford MBE MHK has confirmed the Isle of Man Government has issued instructions to its investment managers to divest any Russian assets held in light of the conflict in Ukraine.
Minister 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 1 per cent.’
The announcement follows a statement from the Chief Minister in the House of Keys yesterday during which he confirmed that work was taking place ‘to understand the Island’s links to Russian persons and entities, and to understand the impact on the Island of possible further UK sanctions measures’.
The Chief Minister told Members:
‘We will work to ensure that we are not a weak link in international pressure on the Putin regime.’
