Schaer-, Sarlo-sponsored bill signed into law, prohibits public entities from deals with Russia

Gov. Philip D. Murphy has signed bipartisan legislation into law to prohibit public entities from doing business with Russia, or companies tied to Russia and Belarus. The legislation, Assembly Bill A-3090, was sponsored by Assemblyman Gary Schaer and Sen. Paul Sarlo, both of the 36th Legislative District.

The Russian invasion of Ukraine has global repercussions, representing the greatest threat to peace and stability since the end of World War II, the assemblyman says. This war has already cost countless lives and caused unnecessary suffering as refugees flee state-sponsored terror.

“New Jersey will not fund international conflict; we will act in cooperation with the Biden Administration to make the Russian invasion financially untenable,” Schaer, who represents parts of Passaic and Bergen counties, said. “Violating Ukraine’s democratic right to self-governance must have consequences. My heart is with the people of Ukraine, and the diaspora community in New Jersey. Our state will stand with Ukraine in its fight for freedom.”

During these times of uncertainty, Schaer says he is committed to using the state’s resources to help force an end to Russia’s illegal violation of Ukraine’s sovereignty. The legislation bans public entities from investing pension funds, accepting public contracts or partnering with Russian and Belarusian financial institutions.

“We won’t stand by while Russia conducts an unjustified war against Ukraine without taking action,” Sarlo said. “These economic prohibitions will make them pay a price by cutting off sources of revenue here in New Jersey. If other states follow our lead, it will make the sanctions imposed by countries throughout the world even more effective.

“We should try to bleed Putin and his oligarchs dry of their profiteering.”

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Kevin A. Canessa Jr. is the editor of and broadcaster at The Observer, a place where he has served on and off since 2006. He is responsible for the editorial content of the newspaper and website, the production of the e-Newspaper, writing several stories per week (including the weekly editorial), conducting live broadcasts on Facebook Live, including a weekly recap of the news — and much more behind the scenes. Between 2006 and 2008, he introduced the newspaper to its first-ever blog — which included podcasts, audio and video. Originally from Jersey City, Kevin lived in Kearny until 2004, lived in Port St. Lucie. Florida, for four years until February 2016 and in March of that year, he moved back to West Hudson to return to The Observer full time. Click Here to send Kevin an email.