Companies with ties to Russia and Belarus banned by NJ law – NBC10 Philadelphia

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What there is to know

  • New Jersey Governor Phil Murphy has signed legislation to ban companies with ties to Russia or Belarus from doing business with the state.
  • The bipartisan measure passed the Legislative Assembly unopposed this week and aims to punish Russian President Vladimir Putin’s regime, as well as the Belarusian government for its support for the invasion of Ukraine.
  • “We send a strong message today to Vladimir Putin and his cronies in Belarus that their actions will not be tolerated,” Murphy said.

New Jersey Democratic Gov. Phil Murphy on Wednesday signed legislation to ban companies with ties to Russia or Belarus from doing business with the state.

The bipartisan measure passed the Legislative Assembly unopposed this week and aims to punish Russian President Vladimir Putin’s regime, as well as the Belarusian government for its support for the invasion of Ukraine.

“New Jersey cannot and will not sit idly by as a tin dictator invades the free and independent nation of Ukraine,” Murphy said. “Today we send a strong message to Vladimir Putin and his cronies in Belarus that their actions will not be tolerated.”

This measure is the latest effort by an American state to increase the financial pressure on Russia during the war. Some actions were purely symbolic, such as lighting state buildings in the colors of the Ukrainian flag, but others like Indiana have sought to pass legislation to prevent Russian-controlled businesses and nonprofits. to acquire property in the state.

Under New Jersey law, the Treasury will compile a list of persons and entities with investments in Russia or Belarus. Individuals on the list will not be allowed to enter into contracts with state agencies, apply for or renew public works contracts, obtain state grants or municipal tax abatements, among other agreements. prohibited.

The law also prevents the state pension from investing in companies owned or controlled by the Russian or Belarusian government.

The impact of the measure is unclear.

The state’s more than $90 billion pension fund was “exposed” to about $50 million in Russian investment as of late February, according to the Treasury. Legislative analysts said the financial fallout from the measure was unclear and depended on the number of businesses affected and the share of business investment that would require divestment.

The effect of sanctions imposed by US states often pales in comparison to national sanctions, but state officials have said they want to show solidarity with Ukraine and do what they can to strengthen the sanctions imposed on Russia by the US government and other Western countries.

Murphy’s signing into law comes just a day after he unveiled his $48.9 billion budget proposal, which he presented standing next to the Ukrainian flag – along with the American and national flags. During the address, he invited Metropolitan Anthony of the Ukrainian Orthodox Church in the United States to deliver a prayer and a short speech.

“New Jersey supports international efforts to bolster Ukrainian resistance and economic sanctions against Putin and his crony government,” Murphy said.


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