Walz signs bill to divest state pensions of Russian assets
The dome of the Minnesota State Capitol. (KSTP/file)
Minnesota will no longer invest public pension funds into Russian assets.
Gov. Tim Walz signed the legislation on Friday. The bill orders the State Board of Investment (SBI) to divest state pensions of Russian and Belarusian assets.
The Minnesota Senate passed it earlier this week while the House approved it last week.
SBI will now have to liquidate 50% of the Russian and Belarusian assets within 9 months and the remaining 50% within 15 months.
“Today, I was proud to sign this bipartisan bill into law to help ensure that our state does not aid the Russian government’s illegal aggression against Ukraine,” Walz said in a statement. “Ukrainians are our friends, family, and neighbors and we continue to stand firmly with our Ukrainian community here in Minnesota and abroad.”