Alaskan lawmakers want Permanent Fund Corporation to divest Russian interests
(The Center Square) – Two Alaska lawmakers are asking the Permanent Fund Corporation to divest its Russian investments.
Reps. David Nelson, R-Anchorage, and Zack Fields, D-Anchorage said in a news release any public money tied to Russia is at risk because of economic sanctions against the country because of its invasion of Ukraine.
“This is not only a matter of our moral obligation, but also one of exposure to the Permanent Fund Corporation’s investments,” Fields said. “Divestment would protect Alaskans’ investments and reduce resources available for Putin’s war machine.”
The Permanent Fund Corporation’s exposure to Russia represents about 0.2%, or roughly $160 million, of the Alaska Permanent Fund’s total assets under management, according to Paulyn Swanson, communications manager for the Permanent Fund Corporation.
“The Alaska Permanent Fund Corporation (APFC) is keenly aware of the developing situation with regards to Russia and Ukraine, and is assessing impacts to the portfolio during these dynamic and unpredictable times,” according to a statement from the corporation. “APFC is closely monitoring the events that are still unfolding with regards to Russia and is analyzing the appropriate response.”
Alaska’s Permanent Fund was created by the Legislature as a way to manage the state’s oil and mineral revenues.
Other states also are taking a closer look at their investments with Russia. North Dakota’s State Investment Board is meeting Thursday to discuss the state’s investments.
North Dakota holds a $500,000 bond originally issued by the Russian Federation, according to a news release from Gov. Doug Burgum. The purchase was made from a third party on the secondary market, and the sale’s proceeds went to the third party and not the Russian government.
The state also a $914,000 investment through its Legacy Fund in Gaz Capital, which is 50% owned by the Russian Federation, according to the news release from the governor’s office.
California Gov. Gavin Newsom asked officials with the California Public Employees’ Retirement System, the California State Teachers’ Retirement System and the University of California retirement system, asking them to “immediately restrict Russian access to California’s capital and investments.”
New Jersey, Colorado and Pennsylvania also are planning to divest interests tied to the Russian Federation.
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