Gov. Lee confirms Tennessee does not have ties to Russian investments

The state uses a specific screening method
bill lee
Posted at 3:38 AM, Mar 02, 2022
and last updated 2022-03-02 12:23:19-05

NASHVILLE, Tenn. (WTVF) — As the invasion continues in Ukraine, several states are taking a financial stance against Russia. Numerous states have either cut or are reconsidering financial ties with the country.

Gov. Bill Lee confirmed Tennessee does not have any investments with Russian companies. The announcement was made after asking treasury officials to investigate.

The Tennessee Department of Treasury was able to confirm the state had no Russian holdings and said the state’s retirement fund is protected and has been from “direct investment exposure to countries such China and Russia” for more than a decade.

Treasury officials said the state uses a specific screening method to evaluate various countries.

State Senate Speaker Randy McNally introduced a resolution calling on the U.S. to limit Russian banking, expel Russian diplomats and ban Russian imports.

As of now, more than eight states with Russian ties have either severed those or scaled back. Governors and lawmakers nationwide continue to look for more ways to tighten the financial squeeze on Russia.

Decisions have come by both Republicans and Democrats with moves ranging from divestment with pension systems to restrictions on the sale of Russian vodka.