Russia’s invasion of Ukraine has sent shockwaves around the globe, leading to a devastating human cost, market volatility and economic uncertainty. As this is a developing and potentially escalating conflict, we anticipate that the geopolitical and economic effects will rapidly change.

Impax has no direct holdings in either Russian or Ukrainian equities or fixed income securities. We have also implemented a trade block on Russian and Belarusian securities across all products effective 10 March 2022. Following a review at end of September 2022, we have decided to extend this trade block with a review date of end of March 2023.

The direct revenue exposure to Russia and Ukraine in companies held within Impax strategies is very limited.

We have undertaken a review of clients, suppliers and vendors to Impax Asset Management Group companies to confirm compliance with sanctions and have found no areas of concern. Sanction screening is undertaken on a daily basis, and we will continue to develop our approach to encompass any new sanctions with regard to the conflict in Ukraine as they are announced.

We are also mindful of the urgency of the need to set out the prospects for fossil fuel dependent economies within a lower carbon global economy, based on the challenges these countries face as the global economy weans itself off their natural gas and oil.

A fuller discussion on the climate implications of the conflict are available in our Chief Executive, Ian Simm’s article “Why market turmoil will not derail the Transition to a More Sustainable Economy” here.

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