AFSCME members have watched with shock and outrage over the past month as Russia's Leader, Vladimir Putin invaded neighboring Ukraine, a sovereign nation, killing thousands of civilians, destroying cities, and creating a humanitarian crisis that is displacing millions.
AFSCME's belief in fighting for human rights - wherever in the world they may be threatened - demands that we do what we can. On March 3, 2022, the AFSCME International Executive Board passed a resolution expressing our solidarity with the people of Ukraine, including a strong condemnation of Putin's aggression and an assertion of our support for economic sanctions designed to cripple the Russian economy. The resolution also calls for the managers of all public pension funds to divest from investments with ties to Russia.
At their regular member meeting on March 14, 2022, AFSCME Council 65 Retirees unanimously passed an identical resolution calling on the Minnesota State Board of Investment to divest the estimate $53 Million Dollars as quickly as possible to assure that no assets of Minnesota's retirees will allow Putin and Russia to continue this unwarranted and criminal assault on Ukraine and its people.
AFSCME 65 Retirees Resolution - Standing in Support with the People of Ukraine
On the day after the AFSCME International Executive board took action, Minnesota Governor Tim Walz followed their recommendation, signing Executive Order 22-03. The order requires all state agencies to:
- Terminate existing contracts with Russian entities as practicable; and
- Refrain from entering into contracts with Russian entities unless the head of the state agency determines that there is no suitable alternative.
On March 24, 2022, the Minnesota House of Representatives also followed AFSCME's call to action, passing HF 4165 on a126-0 vote making Walz's Executive order law. The bill now heads to the Minnesota Senate.
Since AFSCME's resolution and order by Governor Walz, Minnesota's Pension Fund Holdings in Russian & Belarusian assets has shrunk from $53 million before the invasion, to less than $10 million today (making up just 0.007 % of the investment fund's total balance).
AFSCME Council 65 thanks Governor Tim Walz and Legislators from both parties for hearing our call to action. We strongly encourage our leaders to divest the remaining amount as quickly as possible.
