On February 24, 2022 the Russian Federation launched a full scale invasion of Ukraine, which has since claimed the lives of more than 12,000 Ukrainian civilians, displaced more than 14 million, and resulted in over $500 billion in economic losses for the country. 

The invasion is the most recent act of Russian aggression against Ukraine since the occupation of Crimea and Donbas War in 2014. The Russian state, business oligarchs, and state- owned or -affiliated companies have played a critical role in directing, financing, and equipping the armed conflict, occupation, and displacement of millions of Ukrainian civilians. Russian and Belarusian soldiers and Russian-backed separatists have violated international humanitarian and human rights law through attacks on Ukrainian civilians and infrastructure. National governments, multilateral institutions, companies, and investors have responded to the invasion and rights violations with an unprecedented array of economic sanctions, export controls, termination of business activities, and commitments to divest from Russian securities. 

In response Heartland organized an investor statement on the crisis in Ukraine. Investors and their representatives with more than $1.7 trillion in combined assets under management or advisement called on companies to prevent and mitigate their exposure to human rights and conflict risks associated with Russia’s ongoing invasion and occupation of Ukraine. Investors declared: “We unequivocally support the Ukrainian people, their protections under international humanitarian law, and their recognized rights to life, freedom, democracy, and territorial integrity. Russia’s human rights abuses and violations of international law have manifested in salient and material risks that should compel investors to take measures to help protect both the rights of the Ukrainian people and the integrity of our investment portfolios.”