Oregon treasurer directs disposal of state investments in sanctioned Russian companies

SALEM, Ore. (KTVZ) -- Statement from Treasurer Tobias Read regarding Oregon State Treasury investments in Russia:

“The situation in Ukraine is serious, tragic, and growing more desperate by the day. I stand with Ukraine.

“I have directed my staff at Oregon State Treasury to work with relevant federal agencies and regulatory authorities to dispose of assets in Russian companies and government entities that have been sanctioned by the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) or any other relevant federal agencies.

“Along with other state treasurers and institutional investors, we are working with U.S. Treasury to learn more about how best to proceed with removing these assets, consistent with our legal and fiduciary responsibilities.

“I’m pleased by the recent announcements by MSCI Inc. and FTSE Russell that they are cutting Russian equities from widely-tracked indexes, and that the London Stock Exchange will suspend dozens of Russian depositary receipts from trading. These actions will further isolate Russian stocks from a large segment of the investment fund industry.”