NM State Investment Council withdraws $8M in Russian stocks and bonds

By: - March 23, 2022 12:47 pm

(Getty Images)

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.”

Governor wants New Mexico to divest from Russia

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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Patrick Lohmann
Patrick Lohmann

Patrick Lohmann has been a reporter since 2007, when he wrote stories for $15 apiece at a now-defunct tabloid in Gallup, his hometown. Since then, he's worked at UNM's Daily Lobo, the Albuquerque Journal and the Syracuse Post-Standard.