Sacramento, Calif. — California’s Senate Majority Leader is proposing legislation to immediately strip the state government of all Russian assets.
Democrat Mike McGuire says the bill has “broad bipartisan support.” It comes in response to Russian attacks on Ukraine. McGuire estimates that California has more than $1 billion in Russian investments, most of which are tied to pension funds.
McGuire says, “We all need to pull together to stop Russia in its tracks. California has a unique and remarkable economic power in this circumstance. As the world’s fifth largest economy, we must use this power for good.
The White House also announced economic sanctions against Russia in response to its invasion of Ukraine.