The leader of Rushcliffe Borough Council reassured residents that the authority’s funds are unaffected by the ongoing conflict in Ukraine and Russia.

Cllr Simon Robinson provided the update in light of the fact that some public sector organizations have made changes to their financial arrangements due to the existing situation in the countries.

Cllr Robinson said: ‘Rushcliffe’s exposure in relation to the banks and the situation in Russia is minimal and we have carried out additional checks to ensure Council funds are not directly or indirectly affected by the current sanctions. or future in the industry.

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“For example, funds such as the Council’s Public Sector Diversified Income and Deposit Funds have no exposure to any banks domiciled in Russia, Belarus, Ukraine or Eastern Europe and the Local Authorities Real Estate Fund has no direct exposure to Russia and Belarus. There is also minimal exposure to the Notts Pension Fund.

“We understand that the banking industry in general is aware of the current sanctions and provides secondary cover that there will be no direct or indirect violation of the sanction requirements and we are aware that no Russian bank would comply with the credit requirements underlying.

“Also, in terms of trading with Russian companies, we believe the Council has no exposure in this regard.”