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It is estimated that around £6.5million of the Bailiwick's public money is held in Russian investments - and last night the States said they wanted it withdrawn "where possible".
However, the Policy & Resources Committee's Treasury Lead, Deputy Mark Helyar, warned that "sanctions may affect the ability of individual funds to sell those assets and in many cases they currently have no market value".
On Tuesday, the States' Investment Board, which oversees the investment of more than £3billion of public money, asked the Policy & Resources Committee for political direction about Russian investments in the wake of Russia's invasion of neighbouring Ukraine.
Pictured: Deputy Mark Helyar, the Policy & Resources Committee's Treasury Lead.
Yesterday, Deputy Helyar said: "Our advisers and fund managers have reviewed the whole portfolio in common with the rest of the market.
"We hold investments in funds which themselves hold very small amounts of Russian investments and many have already commenced a process of divestment, wherever possible.
"The Committee has...given a clear political instruction to divest where possible and not to seek to hold Russian-related investments until further notice."
The Committee's instruction on investments came on the same day it pledged £500,000 of public money "to support the people of Ukraine" in what it said was "one of the largest single donations the [States] have made in its recent history".
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