Oregon will have about $137 million invested with the Russian government and Russian companies following the country’s invasion of Ukraine, state treasurer Tobias Read announced Thursday.
The money is tied up in Russian bonds, government equities and currencies and with Russian companies it represents about 1/10th of 1% or the $135 billion in total funds administered by the State Treasury, a door said. -word.
Read’s announcement follows moves by other states to pull investment from Russia and Russian businesses, as well as Monday’s decision by Oregon’s Liquor and Control Commission to state stores. Oregon liquors to remove Russian vodka from their shelves.
“The situation in Ukraine is serious, tragic and becoming more desperate every day. I support Ukraine,” Read said in a statement. “I have instructed my Oregon State Treasury staff to work with relevant federal agencies and regulatory authorities to dispose of the assets of Russian businesses and government entities that have been sanctioned by the Office of Control foreign assets of the United States Department of Treasury or any other relevant federal agencies”.
Read said he was pleased with announcements that financial firms are removing Russian companies from their stock indexes. He said his office was working with the US Treasury to remove Oregon’s funds from Russian assets while respecting the law and maintaining its fiduciary responsibility to act in Oregon’s best interests.
Of the $137 million in Russian assets, $122 million are in bonds, public stocks and currencies. Another $15 million is on the private market.
A spokeswoman for Read did not provide a list of investments Thursday afternoon. Publicly available reports show that the Oregon Public Employees Retirement Fund had $36 million invested in Russian currencies and government bonds, $28 million invested with Russian bank Sberbank and $15 million invested with JP Morgan’s investment trust for Russian investments as of June 30, 2021.
Federal authorities sanctioned Sberbank last week, with US Treasury officials describing it as “uniquely important to the Russian economy, holding about a third of all banking assets in Russia.” Sberbank is Russia’s largest financial institution.