The Leader of Rushcliffe Borough Council has reassured residents the authority’s funds are not affected by the current conflict in Ukraine and Russia.
Cllr Simon Robinson has provided the update in light of some organisations across the public sector making changes to their financial arrangements because of the existing situation in the countries.
Cllr Robinson said: “Rushcliffe’s exposure with regards to banks and the situation in Russia is minimal and we have made further checks to ensure Council funds are not directly or indirectly affected by any current or forthcoming sanctions in the industry.
“For example funds such as the Council’s Public Sector Deposit and Diversified income Funds do not have exposure to any Russian, Belarusian, Ukrainian or Eastern European domiciled banks and the Local Authorities Property Fund has no direct exposure to Russia and Belarus. There is also minimal exposure to the Notts Pension Fund.
“We understand the banking sector in general is mindful of current sanctions and providing secondary cover that there will be no direct or indirect breach of any sanction requirements and we’re aware no Russian banks would meet underlying credit requirements.
“Furthermore in terms of trading with Russian companies, our understanding is that the Council has no exposure in this regard.”
