Chester County Divests Russian Investments, Supporting Ukraine

WEST CHESTER, PA — Reflecting the overwhelming support for the people of Ukraine, Chester County officials late Friday night confirmed that all Russian investments held in the county’s pension fund are being pulled.

The County Pension Board agreed unanimously to withhold funds from the Vanguard EM index fund, part of Chester County government’s pension fund portfolio, officials said in a press release Friday night.

The fund includes an approximately 3% Russian exposure, worth about $860,000 as of Jan. 31.
Chester County Pension Board members are Commissioners Marian Moskowitz, Josh Maxwell and Michelle Kichline; Controller Margaret Reif, and Treasurer Patricia Maisano.

The money will officially be removed from the index on Monday, completely disinvesting the county in Russia, officials said.

The commissioners issued these statements the press release:

Moskowitz, commissioner chairwoman, said: “We feel compelled to join the world in condemning the unprovoked Russian aggression, and we certainly do not want a penny of Chester County taxpayer money supporting the Putin regime.
“The whole idea that he can go in and disrupt what a democratic country has built is senseless, useless and sad. We join with those who want to prevent this invasion from spreading any further.”

Maxwell said: “We often have to make tough decisions as commissioners, but this was not one of them.
“Frankly, it might come as a surprise to many people that we have even these small holdings in Russia, but before their government’s recent outrageous actions, they were part of the world’s economy. I hope our municipalities will examine their pension funds and other investments and also divest their Russian assets.”

Kichline, who has been wearing a blue and yellow ribbon in solidarity with Ukraine, said: “I firmly believe that the citizens of Chester County will fully endorse the step we took today. I’ve been going to events since the Russian invasion occurred and folks are genuinely heartbroken for the Ukrainian people.
“They have been helping in any way they can from providing supplies and money, to prayer. We all want to see an end to this conflict as soon as possible.”