St. Paul, MN - In response to the Russian invasion of Ukraine, a bipartisan coalition of legislators, representing the main caucuses of the Minnesota House and Senate, introduced legislation to divest Minnesota’s state pension fund from Russia and codify Governor Walz’s Executive Order barring Minnesota from contracting with Russian companies into law.
Authored by Rep. Sydney Jordan (DFL - Minneapolis) in the House and Sen. Karin Housley (R - Stillwater) in the Senate, the legislation is also championed by the Minnesota Ukrainian American Advocacy Committee and the Jewish Community Relations Council of Minnesota and the Dakotas.
“Today’s legislation and its bipartisan support shows that Minnesota stands firmly with the people of Ukraine and our 17,000 Ukrainian-American neighbors,” said Rep. Jordan. “We’re joining an ever-growing list of democracies in responding to the atrocities committed by Russia’s government, not only because standing against tyranny is always the right thing to do, but because we can’t allow a single cent from our state to possibly line the pockets of oligarchs who sanction the murder of innocent civilians.”
Prior to Russia’s invasion of Ukraine, the estimated worth of Minnesota's state pension fund investments in Russia was approximately $53 million. Once in committee, the legislation will be amended to also sanction Belarus for its complicity in the Russian invasion.
“My heart absolutely breaks for the Ukrainian families who are suffering right now,” Sen. Housley said. “This bill demonstrates that we stand with Ukraine and with free democracies across the world who have the right to exist in peace. It’s our hope that we can quickly make this bill law to end any and all financial support from Minnesota that may be used by Russian leaders to fund their aggressive actions in Ukraine.”
Earlier this month, Governor Walz issued Executive Order 22-03, condemning the Russian government’s aggression against Ukraine and supporting the people of Ukraine by ending support to Russian entities.
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