The Little Mermaid statue in Copenhagen with Denmark flag. Very popular tourist attraction

A Danish defined benefit pension fund is ceasing its investments in Russian assets following recent developments in the ongoing crisis between the world’s largest nation and Ukraine.

On Monday, Russian President Vladimir Putin announced his government would recognize the independence of two territories in eastern Ukraine: Donetsk and Luhansk. In response, the AkademikerPension, a US$23 billion fund that represents Denmark’s academics, announced it would cease allocating capital to Russian investment opportunities.

“In light of the events of the past 24 hours, we have decided to quarantine Russia,” the pension fund wrote on its social media pages on Feb. 22.

Read: Domestic equities boost median DB pension returns to 8.9% in 2021: report

In a statement following the social media post, the pension fund said it wouldn’t make further investments in Russian government bonds, businesses or companies where the majority of ownership was held by Russian individuals or corporations. The quarantine will last for at least six months.

The news follows statements released by several governments around the world announcing the intention to impose economic sanctions against Russia in response to the Kremlin’s decision to back the separatist movements. In a statement, Mélanie Joly, Canada’s Minister of Foreign Affairs, described the move as a clear violation of the U.N. charter and a serious threat to stability in Eastern Europe.

“Canada, with its partners and allies, will react firmly to this blatant disregard for international law. We are preparing to impose economic sanctions for these actions, separate from those prepared to respond to further military invasion of Ukraine by Russia.”

Read: Domestic equities boost median DB pension returns to 8.9% in 2021: report