ST. PAUL, Minn. (WCCO) – Governor Tim Walz on Friday signed a bill to end Minnesota’s investment in Russia in order to further punish his government for invading Ukraine.

The bill was unanimously approved by the Minnesota House and Senate and received strong support from members of the state’s Ukrainian community.

I am proud to sign a bill today to end state investments and contracts in Russia and Belarus. Minnesota does not condone the continued unlawful aggression against Ukraine. pic.twitter.com/LOtclwBxYc

— Governor Tim Walz (@GovTimWalz) April 1, 2022

Over the next few months, the bill will direct the State Board of Investment to divest Minnesota pension funds to Russia, where the holdings were worth $53 million before the attack, according to recent estimates. State investments must also cease in Belarus.

CONTINUED: Bipartisan group of MN lawmakers propose handing over Russia’s state pension funds after Ukraine invasion

“Today I was proud to sign this bipartisan bill to help ensure that our state does not aid the Russian government’s unlawful aggression against Ukraine,” Walz said Friday. “Ukrainians are our friends, family and neighbors and we continue to be strong supporters of our Ukrainian community here in Minnesota and abroad.”

Walz signed an executive order in early March ending state contracts with Russian entities. However, this order was rescinded on Friday as it is no longer needed due to the bill.