Exclusion list government bonds

The government bond exclusion list below shows the results of the implementation of the exclusion policy in the government bonds investment category.

Government bonds (including inflation-linked government bonds and other debt securities – without any predefined purpose – of central and local government bodies) of these countries are excluded from investment. The exclusion does not apply to other investments in these countries.


  • Afghanistan
  • Belarus
  • Central African Republic
  • Democratic People's Republic of Korea
  • Iran (Islamic Republic of)
  • Libya
  • Myanmar
  • Russian Federation
  • Somalia
  • South Sudan
  • Sudan
  • Syrian Arab Republic
  • Venezuela
  • Zimbabwe

We cannot guarantee that no defects have arisen in the determination and implementation of the exclusion lists. We do not accept any liability in this regard.

​Latest update: 01-02-2023

Exclusion list of companies