SAN FRANCISCO (KCBS) — In an effort to support the Ukrainian people, Gov. Gavin Newsom is calling on California to sell more than $1 billion in holdings to sanction Russia.
Newsom on Monday sent a letter to the leaders of the California Public Employees' Retirement System, California State Teachers' Retirement System and the University of California retirement system urging them to sell more than $1.5 billion in holdings "that have some nexus or relation to Russia's financial markets."
"Russia's brazen and lawless military assault on Ukraine demands our support for the Ukrainian people and exacting an immediate and severe cost upon the Russian government," the governor wrote. "The California Constitution is explicit in the fiduciary duties that are required of us on behalf of the hundreds of thousands of Californians who have invested in these systems."
The governor called for halting the flow of money from the state to Russia, banning the purchase of Russian debt and conducting an assessment to ensure their actions protect the interests of current and future retirees.
Newsom also requested recommendations on any additional safeguards the agencies think are appropriate to protect California's investments. He has asked for a response within 10 days.
"I stand ready to work with you to further this important effort," Newsom said.
The funds' Russia-related holdings include multinational corporations' stock, private equity and debit, according to the governor.
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