Vlodko Pawluk

COUNCIL pension cash locked up in Russian firms has been written off amid the crisis in Ukraine.

The Town Hall was moving to reassure members of the scheme that only a fraction of the fund would be adversely affected but admitted there was no way of getting to have now been termed ‘stranded assets’.

As international sanctions are applied on Vladimir Putin’s regime following the invasion, Islington is one of several councils which has asked fund managers to review how much money is invested in Russian companies.

In an article for the Tribune, pensions committee chairman Labour councillor Paul Convery said: “These investments are now considered to be worthless. They cannot be sold because the Russian equity markets are closed.

“It is not possible to repatriate any money from Russia…[Islington] has now written off such investments.”

Together, the investments relate to £2.4million of cash unlikely to ever be seen again, although the fund as a whole tops £1.6billion.

Last Thursday, councillors delivered heartfelt speeches of solidarity to those fleeing the Ukraine – as well as those staying to fight against invading Russian forces.

Speaking at a full council meeting, Council leader councillor Kaya Comer-Schwartz said: “The pictures and stories we’ve seen and heard from Ukraine from the last couple of weeks have been deeply harrowing – from those, including the migrants from Africa and other parts of the country, desperately trying to attempt to leave the county, to those who have bravely stayed and fought on the front line in this truly horrible situation.

“On behalf of Islington council I extend my deepest solidarity and sympathy with everyone in the Ukraine right now, and everyone who has been forced to leave.”

Russia is facing worldwide condemnation after beginning what it is calling a “special operation” two weeks ago.

Since then, hundreds of thousands of women and children have left the country while many of the men have stayed behind to fight.

Islington Mayor Councillor Troy Gallagher said that recent visits to Holocaust memorial events had led him to “reflect [on] how precious our freedoms are and how much we have a need for respect, equality and tolerance, no matter background, sexuality, male or female, [or] what religion you come from. These pillars we take for granted must always be respected.”

Cllr Comer-Schwartz called on the government to make it easier for refugees to enter the country and said: “Our borough is ready to welcome any refugee who wants to make a home here and I hope that the government will swiftly recognise the importance of this and help us to do so.”

Reports coming out of Ukrainian support networks in London suggest there has not been a large arrival of refugees so far
Vlodko Pawluk, the chairman of the London Association of Ukrainians in Great Britain, said: “Those that come here will have family here already – fathers, mothers, sons daughters – they’ll want to stay for a while and then go back.

“I would be extremely surprised to see 200,000 refugees. I don’t know where that figure came from. Most women and children will go to Poland, Hungary, Slovakia and Romania – they have left men behind in Ukraine and they won’t want to go too far away. “

Mr Pawluk said he believed less than 10,000 Ukrainians would settle in London, although he pointed out that the government had been discussing giving illegal immigrants the right to remain if they had lived here for 20 years or more.