New Mexico governor wants to divest from Russian stocks | New Mexico News

0

SANTA FE, NM (AP) — New Mexico Governor Michelle Lujan Grisham wants to join other U.S. states in reconsidering public investments that could help Russia as it wages war against Ukraine.

The Democrat announced on Friday that she was urging the directors of permanent state funds and two large pension funds for public employees to consider investments that could benefit Russia and its supporters and to take steps to divest.

“It is essential that the State of New Mexico demonstrate its support for the people of Ukraine and renounce any investment that could directly or indirectly aid the Russian government’s unwarranted war,” she said in a letter.

State Senator Jacob Candelaria of Albuquerque made a similar call earlier this week.

The State Investment Council is responsible for managing more than $35 billion in investments on behalf of New Mexico.

political cartoons

Council spokesman Charles Wollmann said the state’s exposure to Russian stocks or bonds amounted to $7.9 million, or about 0.025% of the state’s portfolio. The board sends more than 12 times that amount to recipients that include public schools and the state’s general fund each month.

Wollmann said some of the state’s investments are in emerging market indices, which are currently being restructured by their originators to remove Russian equities. For other related investments, the board may ask external investment managers to make changes once Russian markets reopen. Russian stock markets have been closed for several days, halting trading.

Still, the board will likely have to discuss the governor’s request as a matter of policy, Wollmann said.

The effect of sanctions imposed by US states often pales in comparison to national sanctions. But officials from New York to Arkansas and Indiana have said they want to show solidarity with Ukraine and do what they can to toughen the sanctions imposed on Russia by the US government and other authorities. other Western countries.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share.

Comments are closed.