Board Directs Michigan Pension Funds To Dump Russian Assets

LANSING, Mich. (AP) — Opposing the war in Ukraine, a state board on Wednesday directed Michigan's retirement systems to dump assets invested in Russian companies and securities.

Before Russia's invasion, the $98 billion pension fund portfolio had 0.06% tied to Russia. It largely is in international index funds managed by outside firms and is likely worth far less now due to sanctions and Russia's closed stock market.

The State of Michigan Investment Board's resolution, intended to sever any funding sources that Russia may use to support its "unjust war efforts," also applies to Belarussian companies and securities. The vote came about a week after Gov. Gretchen Whitmer requested that the board act.

Leading global index providers have already removed Russian securities from their international funds, potentially streamlining the state's divestment.

© 2022 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.