Bill that would deprive state pensions of Russian assets heads to governor’s desk
The dome of the Minnesota State Capitol. (KSTP/file)
Legislation that deprives Minnesota state pensions of Russian and Belarusian assets is headed to Gov. Tim Walz’s desk.
The bill was passed by the Minnesota Senate on Tuesday; the Minnesota House approved it on Thursday. It comes after Walz called for lawmakers to pass such a measure earlier this month.
If signed by Walz, the State Board of Investment (SBI) will have to liquidate 50% of the Russian and Belarusian assets within 9 months, and the remaining 50% within 15 months.
Lawmakers noted that the value of SBI’s publicly traded assets in Russia and Belarus was $14 million on March 11. It has since dropped below $10 million.
It’s been nearly five weeks since Russia invaded Ukraine.