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State Investment Board to hold special meeting to discuss Legacy Fund investments in Russia

BISMARCK, N.D. – Lt. Gov. Brent Sanford, who chairs the State Investment Board (SIB) on behalf of Gov. Doug Burgum, has called a special meeting of the SIB to discuss Legacy Fund investments in Russia in light of the country’s continuing attacks on Ukraine.

“North Dakota stands with the freedom-loving people of Ukraine in opposition to the ongoing attacks by Russian armed forces and President Putin,” 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.”

North Dakota has received, reviewed and is implementing advice from the U.S. Treasury Department related to investments in Russia,” Sanford said. “The situation is fluid and additional guidance is forthcoming. The State Investment Board will meet Thursday to discuss the evolving situation.”

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. 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.”