In response to the Russian invasion of Ukraine that began in February, the Senate unanimously passed legislation that divests Minnesota’s state pension fund from Russia and Belarus. Notably, this bill also codifies Executive Order 22-03 barring Minnesota from contracting with companies headquartered in Russia. This legislation has had strong bipartisan support and is championed by the Minnesota Ukrainian American Advocacy Committee and the Jewish Community Relations Council of Minnesota and the Dakotas. Prior to Russia’s invasion of Ukraine, the estimated worth of Minnesota’s state pension fund investments in Russia was approximately $53 million.

“Minnesota fully supports Ukraine’s peaceful existence, and condemns Putin’s war aggressions,” said Sen. Eric Pratt (R-Prior Lake). “The Ukrainian people have suffered so much at the hands of Russia’s continued attacks. Yesterday, the Senate joined the House in voting unanimously to divest all pension funds from Russia and Belarus. Minnesota will not financially support the atrocities occurring in Ukraine, but we will fully support Ukraine’s right to exist as a peaceful democracy.”

The companion bill passed in the House on a unanimous vote. With the Senate’s subsequent unanimous vote today, the legislation now heads to the Governor’s desk, where it awaits signature before becoming law.