Advocacy News – March 3, 2022
After Russia’s invasion of Ukraine last week, the United States has issued numerous sanctions. According to the U.S. Chamber of Commerce, this past Monday, the U.S. Department of Treasury’s Office of Foreign Asset Control (OFAC) prohibited U.S. companies and individuals from engaging in transactions with Russia’s Central Bank, which blocks the bank from accessing approximately 80% of its foreign exchange reserves held in Western institutions. To read Treasury’s statement, along with other sanctions imposed on Russia and the country’s key financial players, click here.
Beyond being a driver of uncertainty and instability, how the invasion and response actions may impact Michigan businesses is fluid and economic impacts may come over time.
Further supply chain disruption, inflation and rising energy costs are all issues various entities are tracking closely. This situation is a reminder of the importance of domestic energy production/resilience and smart, balanced policies on climate change. Both are important.
States are taking action too and Michigan is no different. Gov. Whitmer recently sent a letter to State Treasurer Rachael Eubanks to divest all pension plans under Michigan’s Retirement Systems from Russia, which must be approved by the state’s Investment Board.
The Michigan Chamber hopes for a peaceful, expedient resolution and will continue to work in collaboration with the U.S. Chamber of Commerce to keep members apprised of any actions taken at both the state and federal level that may affect your business.
If your business is experiencing any direct impact from this international crisis, or has any questions, please contact Leah Robinson at lrobinson@michamber.com.