(The Center Square) – The New Jersey Senate Budget Committee has advanced legislation to bar public investments with Russia.
The bipartisan measure, S-1889, would stop public investments and other financial agreements with Russia and businesses or individuals with Russian interests. The ban also applies to Belarus.
“We need to target Russia’s economic pressure points to make them pay a price for launching a war of aggression against a free people and the democratically-elected government of Ukraine,” state Sen. Paul Sarlo, D-Bergen, said in a statement.
The measure would ban companies or people with Russian investments from obtaining a state or local government professional service contract. It would also prohibit payments instead of a property tax agreement, tax abatements and tax credits or economic incentives from the Economic Development Authority.
“It’s clear that (Russian President) Vladimir Putin has little fear that the people of his nation will learn the truth of the atrocities being committed under his command in Ukraine when they only have access to censored media that spews lies and fake news,” state Sen. Declan O’Scanlon, R-Monmouth, said in a statement. “…Putin might be able to control the flow of information within Russia, but he won’t be able to shield his nation from the economic impact of sanctions and divestment undertaken by governments across the world, including the State of New Jersey.”
Separately, on Monday, the New Jersey Assembly unanimously approved ACR-115, a bipartisan concurrent resolution condemning Russia’s invasion of Ukraine.
“New Jersey is home to one of our nation’s largest Ukrainian-American populations and we echo concern for the safety of family members and friends impacted by the unlawful and violent Russian aggression within Ukraine,” Assembly Speaker Craig J. Coughlin, D-Middlesex, said in a statement.
This article was published by The Center Square and is republished here with permission. Click here to view the original.
