Australian superannuation funds are divesting away from Russian assets with support from the federal government. “The Morrison Government is today confirming its strong expectation that Australian superannuation funds will review their investment portfolios and take steps to divest any holdings in Russian assets,” Treasurer Josh Frydenberg said in a statement. By doing so, the $3.5 trillion industry would complement the sanctions imposed by the government and exert further pressure on Russia despite the low exposure to Russian investments, Frydenberg said. In support of the announcement, the Australian Prudential Regulation Authority will not take any action against trustees who look to divest their Russian assets. The APRA noted that superannuation fund holdings of Russian assets are a very small proportion of the entire asset pool. The Financial Services Council also supported the announcement and will develop guidance for trustees and managers on the process. Major super funds have also proceeded to drop …