State Investment Board to discuss North Dakota Legacy Fund investments in Russia

BISMARCK, N.D. (KVRR) – The North Dakota State Investment Board will hold a special meeting Thursday to discuss the state’s Legacy Fund investments in Russia.

Gov. Doug Burgum says that while North Dakota owns bonds originally issued by the Russian Federation, 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.

“North Dakota stands with the freedom-loving people of Ukraine in opposition to the ongoing attacks by Russian armed forces and President Putin,” Gov. Doug Burgum said. “We must do our part to limit the financial resources at Russia’s disposal to discourage these unprovoked and heinous acts of aggression.”

Burgum says the U.S. Treasury has advised U.S. investors to cease all secondary exchange transactions involving Russia effective March 1 for bonds issued after March 1, 2022.

According to Burgum’s office, North Dakota is reviewing advice from the Treasury Department related to investments in Russia.

The Legacy Fund was created by a constitutional amendment in 2010. The total value of the Legacy Fund is approximately $8.7 billion.

Categories: Local News, North Dakota News