SOUTH JERSEY (KYW Newsradio) — As fighting continues in Ukraine, U.S. and world leaders have targeted Russian President Vladimir Putin as well as those in his inner circle with economic sanctions, frozen assets and seizure of property.
New Jersey's budget chair is also looking to pile on by preventing the state from doing any business with Russian interests.
While the sanctions proposed by New Jersey Senate Budget Committee chairman Paul Sarlo aren't going to be the straw that breaks Putin, he called the action another small step states can take to support Ukraine.
“Essentially, what I am proposing is New Jersey will no longer be able to conduct any business or financial transactions with any Russian interest or Russian institution," Sarlo explained.
He said it's similar to the Iran divestment bill the New Jersey Senate passed years ago. Currently, there are a number of real estate development deals in the works in New Jersey and several other states, like New York and Florida. The goal here is to stop them in their tracks.
"They come in, they develop these properties, vertical structures, get tax abatements, PILOTs — which are payments in lieu of taxes — and the investments and the returns on the investments end up going back to the mother country," he said.
"We're sending a strong message in New Jersey, and I hope the rest of the country does."
These sanctions would add another layer of financial pain for Russian investors and prevent any profits or tax credits from being sent overseas.
Sarlo said the bill already has significant bipartisan support in the state Senate and Assembly. He hopes to bring a passed bill to Gov. Phil Murphy's desk very soon.
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