State Treasurer Riley Moore today confirmed the state Board of Treasury Investments, which manages more than $8 billion in short-term state and local government operating funds, has no direct investments in Russian securities.
“As Russia moved toward its invasion of Ukraine, I asked our staff to review our Consolidated Fund investments to evaluate any potential exposure to Russia or Russian-related assets,” Treasurer Moore said. “I’m pleased to confirm not one dollar of West Virginia taxpayer money held in our Consolidated Fund is invested in any financial asset issued by the Russian government.”
The Consolidated Fund consists of the short-term operating funds from the state and local governments which are invested by the Board of Treasury Investments into various money market and short-term financial instruments to generate a return while these funds wait to be spent.
“While governments and financial institutions around the globe are working to dump Russian investments in response to the unprovoked war in Ukraine, in West Virginia, our taxpayers can rest assured we don’t have any government revenue invested in Russian assets,” Treasurer Moore said.
“This is a testament to our wise and prudent investment planning,” Treasurer Moore said. “The Board of Treasury Investments only invests state funds in high-quality, respectable assets – and Russia clearly has not met that criteria. I hope this news reassures our citizens that they can trust our Office to manage their money in a responsible manner which reflects their interests.”
While the Board of Treasury Investments does not have any direct Russian exposure in its portfolio, Treasurer Moore continues to support Senate Bill 730, which would help government agencies divest state-managed funds from Russia or Russia-related energy investments.
That bill would not only apply to the Board of Treasury Investments, but other state-managed plans overseen by agencies throughout state government.