Lt. Gov. Brent Sanford says he’s calling a State Investment Board special meeting for Thursday to discuss Legacy Fund investments in Russia.
The Legacy Fund is invested in Russian government bonds that directly support Vladimir Putin’s government, KX News discovered through a Freedom of Information Act request filed in October 2021. We found that between June 30, 2020, to June 30, 2021, the Legacy Fund was invested in four Russian bonds.
Gov. Doug Burgum’s office says, however, North Dakota owns bonds originally issued by the Russian Federation, and the state purchased those bonds from a third party on the secondary market, so the proceeds of the sale went to the third party, not the Russian government.
The meeting is being called in light of Russia’s attacks on Ukraine, Sanford said.
Both Sen. John Hoeven and Dem-NPL nominee for governor in 2020 Dr. Shelley Lenz have called on the SIB to divest from all Russian bonds.