North Dakota has millions of dollars in investments tied to Russia

BISMARCK, N.D. (KVRR) – Gov. Doug Burgum’s office has released a tally of state investments with ties to Russia.

The State Investment Board will hold a special meeting Thursday to discuss the matter. “We must do our part to limit the financial resources at Russia’s disposal to discourage these unprovoked and heinous acts of aggression” Burgum said.

The governor’s office says the state holds a $500,000 bond originally issued by the Russian Federation.  The bond was purchased from a third party on the secondary market, so the proceeds of the sale went to a third party, not the Russian government.

The state also has $914,000 in Legacy Fund dollars invested in Gaz Capital, which is 50% owned by the Russian Federation.

According to the state Retirement and Investment Office, state investments with Russian entity exposure total $8.5 million from the Legacy Fund, $5.1 million from the pension pool and $2.3 million from the insurance pool.  State officials say the total of $15.9 million is less than one-tenth of 1% of the $19.3 billion in total assets.

The North Dakota Board of University and School Lands also has approximately $28.8 million invested in Russia-based companies, which is equal to less than half of 1% of the board’s total investment assets of more than $6 billion.

Burgum’s office says the Department of Trust Lands and its investment consultant are reviewing the investments and will develop a strategy for the Land Board to consider what to do with the investments.