The California State Teachers’ Retirement System headquarters in Sacramento. Courtesy CalSTRS

The California State Teachers’ Retirement System, the second-largest U.S. pension fund, said on Thursday it had investments in Russia and was monitoring potential risks to its portfolio after Russia’s invasion of Ukraine.

“CalSTRS will follow any relevant financial sanctions levied by the United States Government,” a spokesperson said in an emailed statement.

CalSTRS had exposure to nine Russian local sovereign bonds, so-called OFZs, with a market value of nearly $32 million as of June, according to its website.

Its holdings of Russian roubles had a market value of about $1.5 million at that time.

Earlier this week, before Russia’s invasion, U.S. President Joe Biden had broadened restrictions on trading of Russian government debt and on Thursday he unveiled new sanctions aimed at limiting Russia’s ability to access global financial markets.

Canada’s second-biggest pension fund, Caisse de depot, said on Thursday it had sold positions in Russia.

A spokesperson for the California Public Employees’ Retirement System, which manages the largest U.S. public pension fund, said late on Thursday that the fund had around $900 million of exposure to Russia but no Russian debt.

The CalPERS spokesperson did not elaborate on the breakdown of the Russian assets and declined to comment on potential plans to trim those allocations.