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PARKERSBURG -- A bill allowing authorities to divest of Russian investments has unanimously passed the West Virginia Senate and is in the House of Delegates.
Senate Bill 730, entered in response to Russia's invasion of Ukraine, authorizes state or local spending units with investment authority, such as the West Virginia Investment Management Board and the West Virginia Board of Treasury Investments to divest from Russian entities; specifies divestment from Russian entities does not violate fiduciary duties and provides immunity for boards and officials for Russian divestment; and does not compel any specific divestment action.
The bill is supported by State Treasurer Riley Moore. The state Investment Management Board and the Board of Treasury Investments already have completed a review of investments, he said.
"We're not invested in any Russian entities in the Board of Treasury Investments," Moore said.
The next step is to study long-term investments, such as savings accounts, Moore said.
"The stated goal is we will divest of any Russian investments if they do exist," Moore said.
The legislation is in line with the economic sanctions imposed by the United States upon Russia, Russian President Vladimir Putin and the oligarchs who control and profit under Putin's totalitarian government.
Also, Gov. Jim Justice earlier this week signed an executive order prohibiting the sale and purchase of Russian liquors by the Alcoholic Beverage Control Administration and encouraged private retailers to pull Russian-made products from their shelves.
"The West Virginia Legislature supports economic sanctions against Russia in response to Russia's unjustifiable aggression toward Ukraine and intends, by this section, to authorize and encourage state investment entities to restrict the investment or use of state funds from supporting the Russian government or Russian-state owned companies while the attack on Ukraine is ongoing," SB 730 said.
The bill, which originated in the Senate Finance Committee on Monday, passed the Senate 33-0 on Wednesday. It was referred to the House Finance Committee on Thursday.
State Sen. Mike Woelfel, D-Cabell, said during discussion of the bill on Wednesday that while the Senate was unanimous in its sentiment, the Senate in the last session discussed pulling assets from entities at odds with Israel and learned it would be expensive or counter productive to the aims of the state's investment plan.
"Of which the retirees and everybody else in this state is depending," Woelfel said.
(Mancini can be contacted at jmancini@newsandsentinel.com)