West Virginia Legislature studies divesting Russian investments
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CHARLESTON - A bill allowing authorities to divest of Russian investments has unanimously passed the West Virginia Senate and is in the House of Delegates.
Senate Bill 730, entered in response to Russia’s invasion of Ukraine: authorizes state or local spending units with investment authority, such as the West Virginia Investment Management Board and the West Virginia Board of Treasury Investments to divest from Russian entities; specifies divestment from Russian entities does not violate fiduciary duties and provides immunity for boards and officials for Russian divestment; and does not compel any specific divestment action.
The bill is supported by state Treasurer Riley Moore. The state Investment Management Board and the Board of Treasury Investments has already completed a review of investments, he said.
“We’re not invested in any Russian entities in the Board of Treasury Investments,” Moore said.
The next step is to study long-term investments, such as savings accounts, Moore said.
“The stated goal is we will divest of any Russian investments if they do exist,” he said.
The legislation is in line with the economic sanctions imposed by the United States upon Russia, Russian President Vladimir Putin and the oligarchs who control and profit under Putin’s totalitarian government.
The bill, which originated in the Senate finance committee on Monday, passed the Senate 33-0 on Wednesday. It was referred to the House Finance Committee on Thursday