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California lawmakers seek to divest Russian investments

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Posted at 4:08 PM, Feb 28, 2022

SACRAMENTO, Calif. (AP) — A bipartisan group of California lawmakers said they plan to file legislation to get rid of the state's Russian investments in response to Russia's invasion of Ukraine.

Senate Majority Leader Mike McGuire, a Democrat, said the bill would call on all state agencies to “divest from any and all Russian assets immediately.”

McGuire said he believes the state has more than $1 billion in Russian investments, mostly in its pension funds.

The investments make up a relatively small portion of the state’s largest public pension funds, whose assets are worth hundreds of billions of dollars.