New Jersey Gov. Phil Murphy signed into law legislation that will prohibit certain government dealings with businesses linked to Russia and Belarus and calls on the $93.8 billion New Jersey Pension Fund, Trenton, to divest certain investments in those countries.
Mr. Murphy signed the bill Wednesday, moving quickly to impose sanctions on Russia for the Feb. 24 invasion of Ukraine and on Belarus, which he described as a crony of Russia.
Identical bills were introduced Feb. 28 in the state Senate and General Assembly. The Senate unanimously voted for the bill on March 3 and the General Assembly unanimously supported the bill March 8.
"We are sending a strong message today to Vladimir Putin and his cronies in Belarus that their actions will not be tolerated," Mr. Murphy said in a news release.
"We stand ready and willing to help implement this new legislation in order to ensure taxpayer dollars are not supporting Russia's indefensible invasion of Ukraine," State Treasurer Elizabeth Maher Muoio said in the release. "To date, we have assessed the pension fund's exposure to Russian investments and are in the process of identifying what state contracts, if any, might have ties to Russian businesses."