How American pension funds help Vladimir Putin’s gas gambit

FILE PHOTO: A tanker waits to dock at Western Europe's largest liquefied natural gas plant Hammerfest LNG, in Hammerfest, Norway, March 14, 2024. REUTERS/Lisi Niesner/File Photo

NEW YORK: Russia needs to ramp up liquefied natural gas (LNG) exports to replenish Kremlin coffers and fund its war in Ukraine. Western pension funds may inadvertently be lending a hand.

Data compiled by investigative consultancy Data Desk and the Anti-Corruption Data Collective show that public retirement funds, including those managed by the states of Washington, New York and California, have indirectly invested in the specialised ice-class carriers serving Russia’s Yamal LNG – the country’s largest active gas export terminal and a vital piece of its efforts to replace its lucrative trade with Europe.