The Russian invasion of Ukraine has put our ongoing investigation into the administration of the Legacy Fund entrance and heart but once more.
The Legacy Fund is invested in Russian authorities bonds that instantly assist Vladimir Putin’s authorities.
In October of 2021, KX Information filed a Freedom of Data Act (FOIA) open information request for the Legacy Fund fiscal 12 months 2020-21 international holdings. Between June 30, 2020, to June 30, 2021, the Legacy Fund was invested in 4 Russian bonds.
There have been three holdings within the Russian Federation and one in a subsidiary of the bulk Russian state-owned gasoline firm, Gazprom.
As of 2019, Gaz Cap SA is a subsidiary of JSC Gazprom, the Russian-owned gasoline large.
Gazprom was one of many largest pure gasoline corporations on this planet and dominated in Russia.
Many North Dakota taxpayers might not be conscious that their Legacy Fund {dollars} might be serving to Putin’s authorities.
We requested Sen. John Hoeven if he thinks the North Dakota taxpayers would assist their Legacy Fund {dollars} being invested in Russian authorities and company bonds which can be managed by Putin’s authorities.
Right here’s what Hoeven stated:
“Clearly we don’t need to have investments that may, you recognize, in any method assist Russia, clearly. Something alongside these strains, so, however I’m not acquainted with what’s in there however that may be my response off the highest of my head,” stated Hoeven.
OK, as a result of I simply pulled up the 2021 international holdings within the Legacy Fund, and there are 4 accounts: three are instantly Russian Federation, and one is Gaz Cap, which is Russian vitality, additionally managed by the Russian Federation. Do we have to get out of these proper now?
“Nicely, that may be first I might say. Possibly that’s one other method we will put stress on Russia. Any method we will take steps like that, put stress on Russia, we must always do it,” defined Hoeven.
In Friday’s assembly of the State Funding Board, we aren’t conscious of even one member elevating the topic about our tax {dollars} being invested in Russian bonds.
Within the coming days, we might be asking the State Funding Board for remark about our Legacy Fund investments in Russia.