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Senate votes to bar investments in Russia

The Illinois Senate approved legislation Wednesday prohibiting the investment of state funds in Russia.

“The Illinois Senate joins the international community in denouncing Russian’s ongoing, unconscionable acts of aggression against the Ukrainian people,” said Illinois Senate President Don Harmon, an Oak Park Democrat who sponsored the legislation in the Senate.

The proposed law would require the state to divest or withdraw any existing investments in Russian banks and companies and prohibit such investments going forward.

The Senate’s 50-0 approval on Wednesday sends the proposal (HB 1293) back to the Illinois House for final action.

What else it does:

  • Requires state colleges and universities to disclose endowments and donations provided by Russian companies or sources subject to Russia-related sanctions.
  • Requires the State Police to investigate property-related crimes involving individuals or companies sanctioned in response to the Russian invasion of Ukraine.
  • Gives the Department of Human Services added authority to address Ukrainian refugee resettlement.
  • Creates a task force to investigate vulnerabilities in the real estate sector that could facilitate Russian money laundering.
  • Creates a task force to recommend state protections against possible Russian or other foreign interference in Illinois elections.

 

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