Providence (Rhode Islands), Mar 3 (AP) Rhode Island is pulling its state pension fund investments from Russian financial assets over the invasion of Ukraine.

General Treasurer Seth Magaziner said he wanted to support Ukraine and the State Investment Commission voted unanimously to approve his proposal Wednesday. Other states are doing the same.

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The estimated market value prior to the invasion was no more than USD 30 million, or less than 0.3 per cent of Rhode Island's total pension fund assets, Magaziner's office said Thursday.

The office said it's difficult to assign a value to the holdings now, due to volatility in the market prices of Russian financial securities in recent days.

Also Read | Russia-Ukraine ‘War’: Ukraine Destroys Columns of Russian Troops, Says Defense Ministry.

The US and European allies have dramatically escalated financial penalties against Russia over its invasion.

The small exposure Rhode Island has to Russian assets is through an emerging markets equity index fund and an emerging markets bond fund.

The largest Russian companies on the index include MMC, a mining company, and financial services companies TCS and Sberbank, Magaziner's office said.

Magaziner is seeking the state's seat in Congress being vacated by US Rep. Jim Langevin.

“Rhode Island's pension funds will not be used to fund Putin's illegal war,” he said in a statement.

The policy isn't expected to significantly impact the pension system, he said. (AP)

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