Abu Dhabi-based investment firm Mubadala is suspending investments in Russia that make up less than 1% of its portfolio, Khaldoon Mubarak, chief executive of the sovereign wealth fund, said on Thursday, Reuters reported.

This is the first comment from a top manager at Mubadala, Abu Dhabi's second-largest sovereign wealth fund, about his Russian investments.

What is happening in this crisis between Russia and Ukraine is catastrophic in terms of human lives and in terms of the impact it has on the economy around the world, Khaldun Mubarak told an investment conference.

Mubadala has strategic ties with the Russian Direct Investment Fund (RDIF).

The Abu Dhabi fund's website says it has invested $3 billion in Russia in about 50 companies, though Mubarak said less than 1% is now invested in Russia.

Other Gulf state funds, such as the Saudi Arabian State Investment Fund, do not comment on investments in Russia.

Recent events have not changed Mubadala's ambition to be a global investor, Mubarak said, and the fund aims to achieve sustainable returns over the long term.