The Surrey Pension Fund is saddened by and strongly condemns the invasion of Ukraine by Russia.

Given the current circumstances we have immediately suspended making any further investments in Russia and Belarus and continue to review our existing investments with a view to exiting in due course as and when markets permit, as long as the current circumstances prevail.

This is above and beyond the UK sanctions currently in place.

The Fund has a minor exposure to direct holdings in regions connected to the conflict (less than 0.25% of the Fund as at 24 February 2022 - approximately £12million based on the Fund's total value of £5billion).

Due to sanctions by the UK Government and reciprocal actions taken by the Russian Government, it is not currently possible to sell any listed Russian equities, or Russian Government Bonds.