Two of the country's biggest investment managers - both state-owned - have at least $75 million invested in Russian companies.
Photo: RNZ / Angus Dreaver
The Superannuation Fund has $25m invested in Russian companies as well as bond investments but believes none will be subject to international sanctions following the invasion of Ukraine.
The pension fund said there was no indication any of the companies were involved in any gross human rights abuses or other issues associated with Ukraine.
Spokesperson Conor Roberts said as of the end of last year, its investments were in retail, media, telecommunication, banking and financial services, marketing, retail, chemical and mining companies.
"We apply our Responsible Investing Framework in respect to every company in our portfolio, which considers company practices in relation to human rights, environmental and social impacts," he said in a statement.
"It is important to note, when our US-based index provider MSCI updates its index lists following any sanctions imposed by the US Government, it will result in those companies exiting our portfolio."
He said neither the United Nations nor the government had imposed sanctions that would result in the Super Fund exiting any bond holding we were exposed to in Russia.
New Zealand has banned some Russian officials from coming here and stopped all exports to the military there in response to the Ukraine invasion.
The government also suspended any bilateral foreign ministry engagements until further notice.
The other major state investment concern, the Accident Compensation Corporation said it held $52m in Russian equity and corporate bonds, but held no Russian sovereign debt.
"ACC has a long-standing ethical investment policy that directs how ACC invests," a spokesperson said, adding the policy was subject to active consideration.
The NZX said it had exposure to Russian investments through one of its exchange traded funds for emerging markets.
However, a spokesperson said the fund was linked to US fund providers, which would remove any Russian companies covered by sanctions.