Ocean Kinetics - The Engineering Experts

Ukraine invasion / Charitable trust has no direct investments in Russian companies

Shetland Charitable Trust headquarters at Lerwick's North Road. Photo: Shetland News

A REVIEW of Shetland Charitable Trust’s investments has concluded that there are no direct links to Russian companies.

A spokesperson for the trust said, however, that one fund manager has around £90,000 which is not a direct investment in any Russian company but “may be exposed to Russia through a financial index containing many companies across the world”.

The total value of the trust’s investment portfolio currently stands at around £450 million. The organisation was originally set up in the 1970s to take in compensation money from the Sullom Voe Terminal, distributing funds to the community.

Russia’s invasion of Ukraine last month has sparked volatility in the financial markets.

The invasion and the economic sanctions imposed against the country prompted Shetland Islands Council to look at whether its own investments had any links to Russia.

Finance manager Jamie Manson said there was around £1.4 million invested in “Russian entities” across the council’s reserves and also the pension fund, which it administers.

This only amounts to around 0.14 per cent of the combined value of the portfolios.

Shetland South councillor Allison Duncan encouraged the local authority to get rid of the investments as quickly as possible – but Manson said it was not quite so simple.

Councillors were told that the value of the SIC’s investments dropped by £35 million in just one month at the start of the year due to tension over Russia as well as concern over rising inflation.