Murphy: Keep NJ Money Away From Russia Amid Ukraine Invasion

NEW JERSEY — New Jersey Governor Phil Murphy is directing state agencies to further identify ways to keep Garden State money away from the Russian government.

Murphy signed Executive Order 291 into law Wednesday, according to a news release.

“New Jersey supports the Ukrainian people and the freely-elected government of Ukraine in their defense against Vladimir Putin’s aggression and brutal invasion of their sovereign territory,” Murphy said. “Our Administration will immediately undertake a review of what we can do on the state level to increase financial pressure on the undemocratic regime in Moscow and to cut any state ties to the Russian government or its affiliated companies.”

The governor directed state agencies to review their authority to suspend or revoke a businesses' certification if that businesses invests in companies owned or controlled by Russia, Belarus, or other allies.

Murphy has also directed the agencies to review the state's ability to boycott or halt any purchase and import of Russian and Belarusian products and services.

His executive order further directs the Department of Banking and Insurance to tell all companies it regulates that they must comply with U.S. sanctions on Russia and Belarus. The DOBI will tell those companies to make sure their systems are protected from cyber threats.

State agencies will submit what they found to Murphy's office, the news release said.

Senator Paul Sarlo (D-36), Assembly Speaker Craig J. Coughlin (D-19), Senate Minority Leader Steven Oroho (R-24), and Assembly Minority Leader John DiMaio (R-23) submitted statements in support of Murphy's action.

Click here to read the full text of Murphy's executive order.