Two Alaska lawmakers from opposite sides of the political spectrum sent a letter to the Permanent Fund Corporation urging immediate divestment from its Russian assets.
The Alaska Permanent Fund’s investments in Russia are about $210 million, which represents 0.2 percent of the total assets of the $81 billion state-owned corporation.
Rep. Zack Fields, who is nearly at the farthest left of the Democrat caucus, and military man and Republican Rep. David Nelson signed the letter addressed to Permanent Fund Board Chair Craig Richards, saying that Russia’s aggression towards Ukraine had put a significant portion of Alaskan public dollars at risk through economic sanctions.
“Russia’s unprovoked attack can not go unanswered,” Nelson said. “The reports I’m hearing that the Russian army is targeting Ukrainian civilians is beyond the pale. Alaska must respond as swiftly as possible and divest the Permanent Fund Corporation’s investments in Russia.”
“This is not only a matter of our moral obligation, but also one of exposure to the Permanent Fund Corporation’s investments,” Fields said. “Divestment would protect Alaskans’ investments and reduce resources available for Putin’s war machine.”
The Alaska Permanent Fund is a sovereign wealth fund owned by the State of Alaska, which was started with proceeds from the sale of oil from Alaska’s North Slope.
