Hoffman-Backed Plan to Divest in Russia, Support Ukrainian Refugees Signed into Law

BELLEVILLE, Ill. – Alarmed by the humanitarian crisis sparked by Russia’s illicit invasion of Ukraine, state Rep. Jay Hoffman, D-Swansea, supported a plan that will prohibit state investment in Russia, target Russian oligarchs, create an election-focused task force to defend Illinois from foreign interference and strengthen support for Ukrainian refugees here at home.

House Bill 1293, sponsored by Hoffman, was signed into law Wednesday by Gov. J.B. Pritzker.

“The images we see from Ukraine are heartbreaking, and underscore the need for a strong response from around the world,” Hoffman said. “This proposal reflects some of the steps we can take here in Illinois to target Russia’s war machine and reaffirm our values.”

House Bill 1293 targets Russia and its war ally Belarus by:

• Expressly prohibiting state entities – such as the treasurer and retirement systems – from investing in Russia or Belarus.
• Developing a Money Laundering in Real Estate Task Force designed to identify and close loopholes in state law and practice exploited by Russian oligarchs for money laundering purposes.
• Creating an Illinois Elections and Infrastructure Integrity Task Force to prepare for and prevent cyberattacks and other election interference from foreign entities in advance of the 2024 elections and beyond.
• Further enabling emergency rulemaking powers at the Department of Human Services to assist with Ukrainian refugees in Illinois.

“This war is a reckless and unnecessary tragedy,” Hoffman said. “I am appreciative of the support area residents have given to support the innocent people of Ukraine, and will continue to back commonsense ideas that reflect our state’s position.”