CA Lawmakers Aim To Banish Russian Investments

San Diego CA

28 February, 2022

7:37 PM

Description

CALIFORNIA — A group of bipartisan legislators announced plans Monday to file legislation that would divest Russian investments in California just five days after Russia's invasion of Ukraine. "Russia's economy, not even in the top 10 of world economies, is one of their big pressure points and California should use its power to exert influence where it can," a statement from Senate Majority Leader Mike McGuire's office read. President Joe Biden's administration announced sweeping sanctions against Russia last week but McGuire said he seeks to further weaken Russia's economy. READ MORE: Californians Protest Russia's Invasion Of Ukraine "The world is watching the atrocities taking place in Ukraine. It's sickening," McGuire said. "We must stand strong for the people of Ukraine. That's why we all must mobilize to stop Russia in its tracks. California has unique and remarkable economic power in this circumstance. McGuire's office said California likely has $1 billion in Russian investments, mostly in pension funds. "As the fifth largest economy in the world, we must use this power for good. We can help stop this autocratic thug, Putin, by advancing this critical legislation and enacting our own financial divestments," he said. READ MORE: CA Gas Tracker: Prices Skyrocket Amid Ukraine-Russia Conflict