LANSING, Mich. — Some retirement system pension plans through the state of Michigan include investments in Russian-based companies.
But in the wake of Russia's invasion of Ukraine, Gov. Gretchen Whitmer is calling on State Treasurer Rachael Eubanks to divest these funds from Russian companies, along with any other state trust funds invested in Russian companies.
Divestment is the opposite of investment. It means selling assets, investments or divisions of a company. And it's a decision that, in this case, is based on ethical concerns.
"The federal government and our international allies and partners have announced significant sanctions targeting Russian financial institutions, state-owned enterprises, and other government-related activities. Michigan supports these national and international sanctions and should align our state-level actions," Whitmer said in a statement Tuesday.
The governor also said she will monitor any potential disruptions to supply chains and prices that the situation may cause.
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