A new law targets a common enemy from halfway around the world.
Russia’s invasion of Ukraine spurred the law that directs the State Board of Investment to divest Minnesota’s investments from Russia and Belarus within 15 months. At least 50 percent of any direct holdings must be removed by Nov. 2, 2022, which is nine months after the law’s effective date.
The law also codifies an executive order from Gov. Tim Walz directing state agencies to terminate contracts with companies headquartered in the two nations and their entities “as practicable.” Future investments by the board and state agencies are also prohibited with Russian and Belarusian entities “unless the head of the state agency determines that there is no suitable alternative.”
State law imposes similar restrictions with Iran and Sudan.
Rep. Sydney Jordan (DFL-Mpls) and Sen. Karin Housley (R-Stillwater) sponsor the law.