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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Sangjin] The National Pension Service (NPS) and the Korea Investment Corporation (KIC) are unable to recover a total of 485 billion won (approximately $360 million) in assets from the Russian stock market. This situation arises from Western countries' economic sanctions following Russia's invasion of Ukraine, which have prohibited the repatriation of foreign assets.
According to documents submitted by the NPS and KIC to Ahn Do-geol, a member of the National Assembly's Planning and Finance Committee, the NPS has 433 billion won (approximately $320 million) tied up in investments in major Russian companies such as Sberbank and Lukoil, while KIC has about 52 billion won (approximately $40 million) that remains unrecoverable.
As of the end of 2023, KIC's investments in Russian stocks and bonds plummeted by 80%, from 310 billion won at the end of 2021 to just 63 billion won. Similarly, the NPS's investment in Russian stocks and bonds declined by 26%, from approximately 589 billion won at the end of 2021 to around 433 billion won by the end of 2023.
The NPS has not been able to recover 433 billion won (around $62 million) from its investments in the Russian market as of the end of 2023. This includes investments in Sberbank (93 billion won), energy companies Lukoil (80 billion won), Gazprom (40 billion won), Tatneft (20 billion won), and Rosneft (14 billion won), as well as platform company Yandex (14 billion won).
KIC's investments that are currently on hold in the Russian market are also approaching 52 billion won (around $40 million).
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
