Sarlo Wants To Prohibit Public Entities from Doing Business with Russia

Trenton – Senate Budget Chair Paul Sarlo today said he will introduce legislation to cut off public investments and other financial agreements with Russia or any businesses with Russian interests.

“Russia’s unjustified attack of Ukraine is an assault on democracy that demands a response that sends a clear message that these actions will have consequences,” said Senator Sarlo. “They violated the sovereignty of another country with complete disregard for the lives of innocent people. This demands a response by everyone who respects freedom and values human rights.” 

The bill Senator Sarlo will introduce would essentially ban any New Jersey public entity from doing business with the Russian government or any business or financial institution with Russian interests. It would include pension investments, public contracts, professional services, deals with Russian financial institutions, and tax abatements for companies with ties to Russia.

“The Russian government and oligarchs who profit off their ties to the Putin regime are known for the way they move their money around to camouflage its sources,” said Senator Sarlo. “Cutting off all avenues of investments and finances in New Jersey and other states will reinforce the international sanctions being led by the United States. I hope to see other states take similar actions.”