A bill requiring the state to divest its holdings in entities in Russia and Belarus (bell-uh-ROOS) is headed to the desk of Governor Tim Walz after the Minnesota Senate unanimously passed it Tuesday afternoon. It’s estimated the state had about 53 million dollars in Russian investments before that nation attacked Ukraine, which Republican Senator Mary Kiffmeyer from Big Lake says are “in essence right now worthless” due to effects of financial sanctions:
“For the Board of Investment…, which has close to 60 billion dollars, this is a very small portion. But in no way do we intend any harm to our retirees or others in regards to the investments of these funds — and that’s what’s really important here.”
The bill, which it’s expected the governor will sign, requires “to the extent practicable” at least half of the state’s Russia and Belarus assets be divested within nine months, and 100 percent within 15 months.