New York pension funds held hostage by Vladimir Putin

New York City employees and taxpayers unwittingly fund Russian companies and Vladimir Putin's fellow oligarchs. At least $519 million of New Yorkers' pension assets are now frozen by war-mongering dictator, reports New York Post.

New York City and State pension systems have pledged to sell Russian shares in protest of Russia's attack on Ukraine, but Moscow has barred foreign investors from dumping shares.

"Putin is a thug and he's holding our money hostage," said Gregory Floyd, leader of the truckers' union and trustee of the New York pension system NYCERS.

New York City's five pension schemes, covering teachers, police officers, firefighters and other city employees, have invested a total of $284,5 million in 33 Russian public companies. As of February 25, the market value of these assets was $185,9 million, almost $100 million less than their purchase price, the latest available data show. City officials say they cannot say exactly how much these Russian shares are worth today. The market remains closed to all non-Russian investors. Strict sanctions are in place that prohibit foreigners from trading in any Russian securities.

The list of New York investments in Russian stocks shows the city's involvement in a fraudulent list of billionaire oligarchs and close associates of Putin, including:

1. German Oskarovich Gref is a close confidant of Putin and CEO of Russia's largest financial institution, Sberbank. The US imposed sanctions on Sberbank on April 6, barring US citizens or entities from most transactions with the bank. New York City pension systems have placed the largest portion of their investment, $133,3 million, in Sberbank.

2. Alexey Miller - General Director of Gazprom, the Russian state energy corporation and the world's largest gas company. He urged employees to “rally around Putin in mid-March to keep Russia in power.” New York pension systems have invested $6,4 million in Gazprom.

3. Vagit Alekperov is a billionaire and a close associate of Putin. On April 21, he resigned as president of Lukoil, Russia's second largest oil company, after it was hit by devastating sanctions from the United States and other countries. New York's pension investments in Lukoil amounted to $22,7 million.

4. Oleg Deripaska is Putin's ally and billionaire oligarch who founded Norilsk, a nickel and metal mining and smelting company. Last October, the FBI raided two homes associated with Deripaska in Washington, DC, and New York. New York's pension investment in Norilsk is $14,2 million.

5. Said Kerimov is the majority shareholder of Polyus Gold, Russia's largest gold producer. His father, billionaire Suleiman Kerimov, resigned from the Polyus board of directors in April. Kerimov Sr., a suspected money launderer, is known as the “Russian Gatsby” for throwing lavish parties at his villas on the French Riviera. Fiji seized his $300 million yacht on May 5 at the request of the US Treasury Department. New York's retirement investment in Polyus is $3,8 million.

6. Igor Sechin, nicknamed “Darth Vader,” was Putin’s right-hand man as deputy prime minister. He is the chairman of the board of the Russian state oil company Rosneft. French authorities confiscated a $120 million superyacht owned by Sechin in early March after invading Ukraine. New York's pension investment in Rosneft: $4,6 million.

In addition to New York City's pension schemes, the New York State General Pension Fund had $1 million in publicly traded Russian securities as of March 110,8. The current value of these securities is currently unknown.

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The city and state's $519 million is just 0,1 percent of the total $263,2 billion that New York City pension funds managed as of March.

City and state pension systems, hoping to make a profit, enter into secret contracts with private equity funds, hedge funds and real estate investment firms that do not disclose where they are investing hundreds of millions of dollars.

Therefore, it is likely that New York has invested much more money in Russian securities than was announced at the public auction.