The Senate approved a bill that prohibits investment in IL in Russia

by: Eli Ong

Posted by: Nov 16, 2022 / 9:13 PM CST

Updated: Nov 16, 2022 / 9:13 PM CST

SPRINGFIELD — The Illinois Senate on Wednesday unanimously approved legislation that would ban the investment of public funds in Russia.

The proposed law, House Bill 1293, requires the state to divest or revoke any existing investments in Russian banks and companies and prohibits such investments from moving forward, among other provisions.

The legislation also provides for the following:

• Require public colleges and universities to disclose donations and contributions made by Russian companies or sources subject to Russian sanctions
• Require state police to investigate property crimes involving individuals or companies sanctioned in response to Russia’s invasion of Ukraine.
• Give the Department of Social Services additional powers to address Ukrainian refugee resettlement issues.
• Create a task force to investigate weaknesses in the real estate sector that could facilitate Russian money laundering.
• Create a task force to recommend state safeguards against possible Russian or other foreign interference in Illinois elections.

With the state Senate voting 50-0 for approval Wednesday, the next stop for a final decision will be the Illinois House of Representatives.