Plummeting stocks and a Moscow shopping mall. CalPERS is stuck with its investments in Russia | app

California lawmakers turned to the state’s two giant pension systems to punish Russia when the country invaded Ukraine in February, urging funds to sell Russian assets.

Four months later, the California Public Employees’ Retirement System still holds all of its public and private investments in Russia. Worth $765 million at the start of the invasion, they are now valued at less than $195 million, according to figures provided by the system last week.

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Edwin S. Wolfe