The managers of the NH Retirement System have voted to divest the pension’s small holdings in Russia, but the assets may prove hard to sell.

State pension systems around the country have been looking to sell or divest their Russian holdings as a way to protest Russia’s invasion of Ukraine. New Hampshire’s state pension portfolio of $11.5 billion, investments used to pay out retirees’ pensions, includes just under $4 million in Russian holdings, retirement system spokesman Marty Karlon told the NH Union Leader.

New Hampshire owns stock in two Russian companies, Sberbank and Norilsk Nickel, held as American depositary receipts.

As of Feb. 28, Karlon said in an emailed statement, the Sberbank holdings were valued at $450,000 and the Norilsk Nickel was valued at $3 million. American stock exchanges have stopped trading of American depositary receipts from Russian companies, so New Hampshire can’t sell.

New Hampshire also holds a Russian Sovereign bond worth about $400,000 as of March 1.

But U.S. sanctions against Russia mean the retirement system cannot sell or trade the bond, meaning New Hampshire is stuck with its Russian assets.