Swedish pension fund AP7 has announced that it has decided to sell all shares in companies domiciled in Russia due to the ongoing invasion of Ukraine.

It stated that it made the decision based on the government finding that the invasion was a violation of international law and the European security order.

The decision to exclude Russian companies was not part of AP7’s normal blacklisting process.

AP7’s move to divest from Russian firms comes after the Swedish Pensions Agency announced it was banning Russian funds from its premium pension system’s fund marketplace.

In Sweden, the Russian funds excluded as a result of the Swedish Pensions Agency’s announcement include: Swedbank Robur Rysslandsfond A, Nordea Russia Fund, Carnegie Russia Fund A and East Capital Russia.

AP7 joins an expanding list of institutional investors excluding Russian assets from their portfolios following Russia’s invasion of Ukraine. This includes Norway’s Government Pension Fund Global, the Netherlands’ ABP, and Denmark’s AkademikerPension, among others.

AP7 noted that the EU has so far imposed several sanctions on Russian interests to strike at the Russian economy, including on the Russian financial sector, energy, and the transport sector, as well as good and technology that contribute to Russia’s military development.

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