Australian State Poised to Dump $75M of Russian Assets

Ukrainian servicemen protect the checkpoint in Kyiv, Ukraine, on Feb. 25, 2022. Anastasia Vlasova/Getty Images

The Australian state of New South Wales (NSW) will divest all of its Russian assets in its investment funds, in a protest against President Vladimir Putin’s invasion of Ukraine.

The move will see at least $75 million of Russian assets acquired by the NSW Generations Fund sold.

“Putin’s illegal invasion has put at risk global security and he is personally responsible for the consequences of this war,” NSW Treasurer Matt Kean said on Monday.

“My thoughts are with both the brave people of Ukraine and the Russian people protesting against Vladimir Putin notwithstanding the risk of arrest.

A Polish border guard assists refugees from Ukraine as they arrive to Poland at the Korczowa border crossing, Poland, on Feb. 26, 2022. Czarek Sokolowski/AP Photo

“It is important at this time for liberal democracies to stand with Ukraine and stand up for our values.

NSW shadow treasurer Daniel Mookhey welcomed the decision.

“Vladimir Putin’s debt should never have been in NSW’s investment portfolio. Especially since he was using that money to build the army that is currently marching into Ukraine,” Mookhey said.

The move comes after the federal government said it would impose financial sanctions on eight Russian oligarchs and the government is also considering other measures that could be implemented globally.

U.S. President Joe Biden delivers remarks on Russia's attack on Ukraine, in the East Room of the White House in Washington, U.S., February 24, 2022. REUTERS/Leah Millis

Meanwhile, Federal Treasurer Josh Frydenberg believes Russia could be kicked out of international forums like the G20.