Ohio Bill seeks removal of Russian assets from sovereign wealth funds – CBS Pittsburgh

COLUMBUS, Ohio (AP) – Ohioan’s five public pension funds would be required to divest all Russia-related assets, and state and local governments would be barred from entering into contracts with Russian companies under emergency GOP legislation introduced Thursday.

The measure, sponsored by State Senator Niraj Antani, a Republican from a Dayton suburb, also bans state or local governments from providing tax incentives, loans or grants to Russian companies.

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Antani’s draft law, designed to punish Russia for its invasion of Ukraine, includes an emergency clause, stating that if it comes into force it would take effect immediately.

The bill came the same day as an executive order by Republican Gov. Mike DeWine immediately establishing such requirements for state agencies, and a day later Ohio Attorney General Dave Yost also required pension funds to divest their Russian assets.

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“By requiring the state to sever all ties with Russia, we are doing our part to increase the financial burden on Russia,” Antani said.

Governors and lawmakers in numerous US states took action this week to divert state investment from Russian companies while encouraging private entities to do the same.

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