ST. PAUL, Minn. (WCCO) - Gov. Tim Walz on Friday signed a bill to end Minnesota investments in Russia to further punish its government for invading Ukraine.
The bill was approved unanimously by both the Minnesota House and Senate, and was strongly supported by members of the state's Ukrainian community.
Over the next several months, the bill will direct the State Board of Investment to divest Minnesota's pension funds from Russia, where holdings were worth $53 million prior to the attack, according to recent estimates. State investments must also end in Belarus.
"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 on Friday. "Ukrainians are our friends, family, and neighbors and we continue to stand firmly with our Ukrainian community here in Minnesota and abroad."
Walz signed an executive order in early March which terminated state contracts with Russian entities. However that order was rescinded on Friday as it is no longer necessary due to the bill.
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