LANSING, Mich. (AP) — Opposing the war in Ukraine, a state board on Wednesday directed Michigan’s retirement systems to dump assets invested in Russian companies and securities.
Before Russia’s invasion, the $98 billion pension fund portfolio had 0.06% tied to Russia. It largely is in international index funds managed by outside firms and is likely worth far less now due to sanctions and Russia’s closed stock market.READ MORE: What Is The Best Sunscreen For Me? Environmental Working Group Releases Annual Guide
The State of Michigan Investment Board’s resolution, intended to sever any funding sources that Russia may use to support its “unjust war efforts,” also applies to Belarussian companies and securities. The vote came about a week after Gov. Gretchen Whitmer requested that the board act.READ MORE: Parole Denied For Don Miller Who Killed 4 Women In Lansing In The 1970s
Leading global index providers have already removed Russian securities from their international funds, potentially streamlining the state’s divestment.MORE NEWS: Michigan Court Seeks More From Whitmer About Abortion Ban Challenge
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