Lawmakers also call on the Michigan Alcohol Control Commission to stop buying Russian alcohol and put Russia in Michigan’s law of liberation from terror.
This is happening at a time when several states are severing or reconsidering financial ties with Russia. Connecticut is giving up retirement investmentswhile IowaNorth Carolina, Virginia and Ohio are among the states seeking to stop wholesale purchases of Russian vodka.
A spokesman for the state treasury said the state’s pension systems have limited reserves associated with Russian companies, accounting for about 0.06 percent of the total portfolio. Pension Management manages $ 73.3 billion in assets and is responsible for the 18th largest pension system in the United States.
According to the Ministry of Finance, such holdings are managed by external financial managers and are mainly invested in international stocks and funds. External managers buy and hold such funds, so the state pension system is not the direct owner of the holdings.
Letters to the Treasurer on Tuesday Rachel UbanksWhitmer wrote that Michigan supports sanctions against Russia for invading Ukraine.
“These horrific attacks are aimed at overthrowing Ukraine’s democratic government and violating international law,” wrote Whitmer, a first-term Democrat.
“As the situation in Ukraine develops, I will continue to liaise with the top heads of the federal government on behalf of Michigan. Michigan may be concerned about the impact this situation will have on Michigan’s economy. “
Whitmer said she would monitor any possible disruptions in Michigan supply chains and prices to “protect Michigan pockets and put Michigan first.”
Uncertain how much public money is tied to Russia, the state Representative Darin Camilleri, D-Trenton, Michigan Bridge said Wednesday. On Tuesday, Camilleri unveiled a law that would add Russia to the list of countries operating in Michigan to rid investment of terror.
Michigan the law prohibits the investment of public money in companies appointed by the Secretary of the United States as state sponsors of terror. The countries included in the act are Cuba, Iran, North Korea and Syria.
Adding Russia would immediately stop any government money and assets from companies that have financial ties to Russia, and prevent future investments.
“We do not fully know the consequences, because it depends on the types of investments we have in Russia, but I think the fact is that we want to spend our money at this time to protect the Ukrainian people,” said Camilleri. . “Michigan can do little in the international crisis, but it’s one of the tools we have.”
Elsewhere, Michigan’s liquor stores and bars have announced online that they will no longer buy alcohol from Russian companies.
Bob’s Bar in Grand Rapids on February 24 posted this on Facebook Russian will no longer be sold burners. Franchise Total Wine and morewhich has stores in several Michigan cities such as Grand Rapids and Ann Arbor, removed Russian products from its shelves this week.