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Connecticut joins other states in divesting pension funds from Russian owned assets

The effect of sanctions by U.S. states often pales in comparison to national ones, but state officials said they wanted to show solidarity with Ukraine
Credit: FOX61

HARTFORD, Conn. — Connecticut will join with other states in divesting its investments from Russian owned assets in the wake of the country's invasion of Ukraine. 

State Treasurer Shawn T. Wooden announced that Connecticut’s state pension funds will move to divest the public funds from Russian investments which are worth more than $218 million in equity and fixed income, as of February 24th, 2022.

"I cannot continue to invest these pension funds in a way that runs counter to the foreign policy and national interests of the United States,” said Wooden in a statement. 

Seeking to tighten the financial squeeze on Russia over its war against Ukraine, governors and lawmakers in numerous U.S. states were taking actions Monday to pull state investments from Russian companies while encouraging private entities to do the same.

RELATED: VERIFY Fact Sheet: 6 ways to fact-check if a social media account requesting Ukraine donations is a scam

The effect of sanctions by U.S. states often pales in comparison to national ones, but state officials said they wanted to show solidarity with Ukraine and do what they could to build upon the penalties imposed on Russia by the U.S. government and other Western nations.

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Georgia House Speaker David Ralston, a Republican, got a bipartisan standing ovation Monday when he told representatives he would seek to have the state’s retirement funds quickly divested from any Russian assets.

“I don’t know about y’all, but I don’t want one penny of Georgians’ money going to subsidize Vladimir Putin,” Ralston said. “While our role in international affairs is limited, we make clear we stand with those who want to live in peace.”

RELATED: Connecticut business owners send message to Ukraine, Russia

Some actions have been largely symbolic. The capitols in Arizona, Pennsylvania and Tennessee and the governor's mansion in South Carolina were lit with the blue and yellow colors of Ukraine’s flag. Minnesota Gov. Tim Walz, a Democrat, and Ohio Gov. Mike DeWine, a Republican, issued a joint statement condemning Russia’s invasion of Ukraine as co-chairs of the presidentially appointed Council of Governors. Oklahoma's Republican-controlled Senate passed a resolution affirming the historical ties between the state and the people of Ukraine and supporting their fight against what it described as “an illegal and violent” Russian invasion.

Doug Stewart is a digital content producer at FOX61 News. He can be reached at dstewart@fox61.com.

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