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The New Mexico State Investment Council on Tuesday voted to get rid of nearly $8 million in investments in Russian stocks and bonds.
The unanimous vote comes amid the Russian invasion of Ukraine, an act that has drawn sanctions and boycotts from countries and companies across the globe. Gov. Michelle Lujan Grisham called for the divestment last week, saying any direct or indirect aid to Russia by New Mexico is “unacceptable.”
Tuesday, the council voted with little debate to divest.
Members noted that the amount of money held in Russian stocks and bonds was a tiny fraction of the $36 billion the council manages across four permanent funds, governmental client investments, endowments and reserve funds.
The 11-member council includes the governor, state treasurer and other prominent finance and government leaders. Together, the funds they manage comprise the nation’s third biggest sovereign wealth fund and contribute about 15% toward the state budget each year, according to the council website.
New Mexico is just the latest in a movement by state governments or government pension funds to divest their financial holdings from Russia.
Other states that have called for or succeeded in divesting include Oregon, Kansas, Montana, Pennsylvania and Missouri.
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