In response to the Russian invasion of Ukraine that began in February, Senator Karin Housley (R-Stillwater) today presented legislation in the State Government committee that divests Minnesota’s state pension fund from Russia and Belarus, and codifies Governor Walz’s Executive Order barring Minnesota from contracting with companies headquartered in Russia. This legislation has strong bipartisan support in the House and Senate and is also championed by the Minnesota Ukrainian American Advocacy Committee and the Jewish Community Relations Council of Minnesota and the Dakotas.

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. Prior to Russia’s invasion of Ukraine, the estimated worth of Minnesota’s state pension fund investments in Russia was approximately $53 million.

“My heart is broken for the families in Ukraine that are suffering at the hands of Putin’s aggression and atrocities. The world has stepped up to sanction Russia’s economy in numerous ways, and this bill demonstrates Minnesota’s willingness to do the same—we stand with Ukraine and with free democracies across the world that have the right to exist in peace. Minnesotans do not want their retirements funded by bloodshed, nor do they want to economically support Putin’s war machine. If this bill becomes law, we can end any and all financial support from Minnesota that may be used by Russian leaders to fund their unnecessary and aggressive actions in Ukraine. I’m hopeful we can act quickly in getting this bill up for a vote on the Senate Floor,” said Housley.

This bill was heard in the State Government Committee, where it was referred to the Senate Floor for a final vote.