At least 11 local institutional investors are exposed to Russian assets after the efforts of most of them to divest on ethical grounds over the invasion of Ukraine were thwarted by the Putin regime’s roadblocks.

A poll of 418 pension fund and investment managers in 39 countries, conducted by consultancy bfinance between March 29 and April 4, found nearly half of the global investors had direct exposure to Russian markets heading into the first quarter of this year.