Sarlo plans legislation to bar public investments, business dealings with Russia and Russian businesses

(The Center Square) – New Jersey Senate Budget Chair Paul Sarlo said he plans to introduce legislation to bar public investments and financial agreements with Russia or businesses with Russian interests following its invasion of Ukraine.

“Russia’s unjustified attack of Ukraine is an assault on democracy that demands a response that sends a clear message that these actions will have consequences,” Sarlo, D-Bergen, said in a statement. “They violated the sovereignty of another country with complete disregard for the lives of innocent people. This demands a response by everyone who respects freedom and values human rights.”

Sarlo’s planned legislation would essentially ban New Jersey public entities from conducting business with the Russian government or any business or financial institution with Russian interests. It would include pension investments, public contracts, professional services, deals with Russian financial institutions and tax abatements for companies with ties to Russia.

“The Russian government and oligarchs who profit off their ties to the Putin regime are known for the way they move their money around to camouflage its sources,” Sarlo said. “Cutting off all avenues of investments and finances in New Jersey and other states will reinforce the international sanctions being led by the United States. I hope to see other states take similar actions.”

Alyana Alfaro Post, a Murphy press secretary, declined to comment on pending legislation. Post did not immediately respond to a question about whether the governor planned to issue any executive orders or take other action specific to Russia.

Murphy was traveling out of state on Thursday afternoon and plans to return on Sunday.

This article was published by The Center Square and is republished here with permission. Click here to view the original.