New Jersey is poised to join a long line of governmental entities around the globe leveling sanctions against Russia and its financial class.
On Thursday, the New Jersey Senate voted 39-0 in favor of S-1889, legislation which would prohibit state investment in Russia, Belarus, and any business or individual financially connected to the countries behind the ongoing and increasingly bloody Ukrainian invasion.
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“It’s clear that Vladimir Putin has little fear that the people of his nation will learn the truth of the atrocities being committed under his command in Ukraine when they only have access to censored media that spews lies and fake news,” said State Senator O’Scanlon (R-13) who co-sponsored the measure with Democrat Paul Sarlo. “While Putin might be able to control the flow of information within Russia, he won’t be able to shield his nation from the economic impact of sanctions and divestment undertaken by governments across the world, including the State of New Jersey.”
“These unified actions are not intended to hurt peaceful Russian citizens, but to send a strong message to the oligarchs and others in positions of power that their leader has crossed a line with his war in Ukraine that the international community will not tolerate,” added O’Scanlon.
The bill covers local government, too, as well as pension and annuity investments.
Anyone or any entity doing business with Russia (or entities/individuals with Russian financial interests) would forfeit the right to receive a professional service contract from Trenton or any local government. Offending parties would also be ineligible for tax credits from the EDA and PILOT agreements.
A companion bill has been introduced in the Assembly.
