But as the institution has found, cutting ties with an entire country is difficult. It has now rounded on TotalEnergy, another investment, because the French oil company is still operating in Russia. And there is likely to be more ahead.

“Quite clearly, remaining a shareholder in a strategically significant national entity that is generating returns for a country to continue war, is highly questionable.” Matthews says.

The fact the Church’s vast resources were invested in Russia at all might raise eyebrows among some parishioners.

It has also faced criticism in the past over other investment policies.

Although it has a policy of not investing directly in the defence, tobacco, gambling and alcohol sectors, among others, companies that derive 10pc or less of their revenue from tobacco or defence are not excluded.

Its funds have also continued to back Chinese companies, despite broader security concerns in the West over ties to Beijing. 

One of its top 20 holdings was Ping An, the insurance, banking and healthcare conglomerate listed on the Shanghai stock exchange. None of the Church’s Chinese investments are thought to be engaged in controversial practices.

The Church’s actions against TotalEnergy are part of a wider movement to isolate Russia. 

In the days that followed the invasion, a string of companies came under pressure to exit any interests that could aid Vladimir Putin’s war effort – and strip any associations with his regime. 

Bernard Looney, chief executive of BP, said the oil giant would offload its £10bn stake in Kremlin-backed oil colossus Rosneft, for instance, following meetings with Business Secretary Kwasi Kwarteng.

“This military action represents a fundamental change,” he said. Shortly afterwards, Shell fell into line as it cut ties with Gazprom, which plays a key role in Russia pumping 40pc of Europe’s gas supply into the continent. 

Its chief executive Ben van Beurden criticised Putin’s “senseless act of military aggression”, prompting Kwarteng to respond: “Shell has made the right call.”

The list of companies shunning Russia is still growing on a daily basis, from Starbucks to Imperial Tobacco, McDonald’s, Jaguar Land Rover, Pepsi and Goldman Sachs.

TotalEnergies, however, has not. On Wednesday the Church of England piled pressure on the energy giant, urging it to review its decision and saying it would reconsider their shareholding. It holds a comparatively small stake.

Condemning Russia’s military aggression, the oil major did say it would “no longer provide capital for new projects in Russia”. 

But the silence was deafening over any plans to withdraw its 19.4pc stake in gas producer Novatek as well as a number of lucrative joint ventures. 

Bess Joffe, head of responsible investment at the Church Commissioners for England, and Matthews, “express our deep concern related to your decision not to withdraw completely from the Russian market and disinvest your holdings in Russian operations”, in a letter addressed to Total chief executive Patrick Pouyanné.  

The stand against Total, one of the world’s six majors alongside Shell, BP, ExxonMobil, Chevron and ConocoPhillips, risks embarrassment among the City of London’s array of heavyweight institutional investors. Many hold Total shares, but have generally preferred to do their lobbying behind closed doors.

“We’ve decided to make our letter public because of the level of concern that we have got around Total and the inconsistency that the steps some of its peers have taken – such as BP, such as Shell,” says Matthews.

“When you look at oil and gas it is unquestionably a significantly strategic sector that is intimately connected to the Russian state. Therefore, how those companies are making decisions about their partnerships and operations in Russia is significant.”

Company filings show that Russia represented 24pc of Total’s reserves and 17pc of its combined oil and gas production in 2020.

The church’s intervention follows two French NGOs threatening to take legal action against Total of its strategy. Clearway Capital, an activist investor, has also written to the board of the CAC 40 company asking directors to exit Russia.

But Matthews is confident that Total will eventually back down, arguing for “maximum pressure on a country to incentivise them to not continue an act of war”.

“My hope is that Total will reconsider their position and align themselves to where others have gone in their sector.”