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Japan’s Government Pension Investment Fund said it’s been selling Russian assets since March following the invasion of Ukraine, marking down some values to almost zero in the process.

The world’s biggest pension fund has substantially reduced holdings of Russian bonds, which can still be traded over-the-counter. The fund has been largely stuck with the country’s stocks, as foreign investors face trading restrictions, Chief Investment Officer Eiji Ueda said in the GPIF annual report on Friday.

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