In response to the Russian invasion of Ukraine, Governor Gretchen Whitmer today sent a letter to State Treasurer Rachael Eubanks calling on the State of Michigan Investment Board to hold a special meeting to divest the state of Michigan Retirement Systems pension plans from Russia, and for the State Treasurer to do the same with various trust funds over which she is fiduciary.
From the letter:
“I am writing to call on the State of Michigan Investment Board to hold a special meeting to divest the State of Michigan Retirement Systems pension plans from any investments in institutions or companies headquartered in Russia or that have their principal place of business in Russia. Additionally, I am calling on you, as the State Treasurer and fiduciary over various State trust funds, to do the same.”
The full text of the letter is below:
Dear Treasurer Eubanks:
I am writing to call on the State of Michigan Investment Board to hold a special meeting to divest the State of Michigan Retirement Systems pension plans from any investments in institutions or companies headquartered in Russia or that have their principal place of business in Russia. Additionally, I am calling on you, as the State Treasurer and fiduciary over various State trust funds, to do the same.
Last week, the world watched with horror as President Vladimir Putin launched an illegal and destructive war against the people of Ukraine. These heinous attacks are aimed at overthrowing Ukraine’s democratic government and violate international law. Since then, the federal government and our international allies and partners have announced significant sanctions targeting Russian financial institutions, state-owned enterprises, and other government-related activities. Michigan supports these national and international sanctions and should align our state-level actions.
As the situation in Ukraine progresses, I will continue to stay in touch with top leaders in the federal government on behalf of Michiganders. Michiganders may feel concerned about the impacts this situation will have on Michigan’s economy. For that reason, I will continue to monitor any potential disruptions to our supply chains and prices to protect Michiganders’ pocketbooks and put Michiganders first.
During President Joe Biden’s Tuesday, March 1 State of the Union address he also condemned Russian President Vladimir Putin’s invasion, which he described him as “a Russian dictator invading a foreign country.”
“Six days ago, Russia’s Vladimir Putin sought to shake the foundations of the free world, thinking he could make it bend to his menacing ways. But he badly miscalculated,” Biden said. “He thought he could roll into Ukraine and the world would roll over. Instead he met a wall of strength he never imagined. He met the Ukrainian people.”
Biden also noted previously how sanctions against the eastern European country would impact Russia’s top banks, its weapons industry and its largest energy company, www.nytimes.com reported.
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