State makes huge move against Vladimir Putin, stopping Russian investments
South Australia is taking extraordinary action against Vladimir Putin in response to Russia’s “disgraceful conduct” in Ukraine.
South Australian government funds and public sector workers’ superannuation worth $60 million could no longer be invested in Russian assets, under new laws introduced to state parliament.
Premier Peter Malinauskas made an election promise to divest the money held in Russian assets by Funds SA.
His government introduced new laws on Thursday to do so.
The move will bring the state in line with NSW and Queensland and is one Mr Malinauskas dubbed an “effective solution” to the moral and ethical issue.
He said it sent a strong message to Russian President Vladimir Putin that SA condemned his “anti-democratic pursuit” of Ukraine.
“We cannot continue to invest South Australians’ money in Russia given their disgraceful conduct in Ukraine, which we have all watched in horror,” the premier said.
“It would be unacceptable for state government funds and public sector workers‘ superannuation to continue being invested in Russian assets.
“I hope this bill can be passed expeditiously with bipartisan support.”
Treasurer Stephen Mulligan said all South Australians had been impacted by Russia’s “disgraceful conduct”, affecting rising inflation.
“It stands to reason we wouldn't maintain any effort that we indirectly or directly had with holding SA government funds with any exposure to Russian investments,” he said.
“This outrageous behaviour by Russia is costing all of us money and no one wants to be responsible for any support of the Russian effort … I don’t think it's acceptable in this day and age.”
Sanctions imposed by the Australian Government prompted Funds SA to already begin divesting itself of Russian assets.
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