DUBAI - Abu Dhabi sovereign fund Mubadala Investment Company has to pause investments in Russia, which represent less than 1% of its portfolio, its chief executive said on Monday.
"What is happening in this crisis between Russia and Ukraine is a travesty, with catastrophic consequences, in terms of human life and in terms of the impact it's having on economies all over the world," Mubadala CEO Khaldoon Mubarak said at an investment conference in Dubai, adding Mubadala was managing its investments "prudently".
"Obviously, in this environment, we have to pause investment in this market, in Russia," he said.
Mubadala has strategic ties with Russia's sovereign fund, the Russian Direct Investment Fund (RDIF). The Abu Dhabi fund has invested $3 billion in Russia in about 50 companies, according to its website.
(Reporting by Saeed Azhar; Writing by Yousef Saba; Editing by Louise Heavens)