By Ross Kerber

(Reuters) – Vanguard Group, a top mutual fund manager, stated Friday that it would adhere to the international sanctions imposed against Russia following the invasion of Ukraine. However this will not limit the investment decisions made by managers of actively managed funds.

In a blog post on Friday addressing investments in Russia, Vanguard Chief Investment Officer Greg Davis said that managers of its actively-managed funds “will decide how best to navigate liquidity challenges and balance investment risks with potential rewards.”

While most people are familiar with passive index funds, this closely held U.S. company also has actively-managed funds worth approximately $1.7 billion, according to the company. As of 31 January, total assets stood at $8.1 trillion.

Vanguard spokeswoman, stating that no executives could be reached for comment at this time.

Vanguard did not give a figure for its total exposure to Russia in its note https://investor.vanguard.com/investor-resources-education/news/russian-sanctions-index-changes-and-vanguard-funds, but Morningstar data shows its funds had exposure to Russian securities such as the Vanguard Total International Stock Index Fund.

Many foreign companies and fund managers have stated that they are leaving Russia in the wake of Russia’s invasion. These include BP (NYSE ) and Boeing (NYSE ). The London Stock Exchange stopped trading Russian securities on Friday.

Financial firms like banks can face obstacles to departure. Vanguard stated that “some Russian securities might not be traded due to sanctions restrictions” and that the Russian Central Bank has effectively closed its securities market for foreign investors.

Vanguard reported that Vanguard has seen very limited impact on Vanguard funds so far.

The exposure to Russia or Ukraine by U.S.-domiciled Vanguard Funds is 80% through index funds. On average, funds that were invested in Russia or Ukraine held 1% of their assets. Vanguard reported that Russian stocks and bonds accounted for “most of the modest exposure.”