Yost sent a letter to the directors of the state’s five public pension boards stating that world reaction has been swift to Russia’s war on Ukraine, with economic sanctions imposed by the rest of the world likely to be unprecedented in nature and scope, cutting Russia off from its supply of raw materials, trade, air space and much of the global financial system.
“I write today to request with exceptional urgency that you inventory your Russian equities and move to divest them with all deliberate speed, if you have not already done so. … Beyond the demands of morality, the pension systems have legal exposure,” Yost wrote. “Russia shows no signs of backing down, and the severe pressure of its economic isolation in a globalized economy will degrade the value of virtually any Russia-based asset.”
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