After the invasion, the House of Representatives votes to ban Russian companies from acquiring real estate in Indiana | National News

Stephanie McGehee February 25, 2022 Lake City Financial Comments Off on After the invasion, the House of Representatives votes to ban Russian companies from acquiring real estate in Indiana | National News 16 Views

Indiana House on Thursday joined a chorus of state, national and international organizations seeking to punish Russia for invading Ukraine.

In a unanimous vote, Hoosier state officials agreed to include in Senate Bill 388 a provision prohibiting any business entity organized under the laws of the Russian Federation or wholly controlled by Russian citizens from acquiring any real estate property in Indiana by any means.

State Assemblyman Ryan Dvorak, D-South Bend, led the push to stop elements of what he called Russia’s “kleptocracy” from doing business or buying homes in Indiana.

“Our message today is that Indiana will not be a safe haven for ill-gotten gains from Russia, nor for its oligarchs trying to find financial sanctuary after Putin’s ruthless invasion of Ukraine,” Dvorak said.

“The people of Ukraine need our support,” he said.

If it finally goes into effect, the ban on Russian companies acquiring real estate in Indiana would come into effect on July 1 and last until June 30, 2023 — although those dates could change as the measure goes through the legislative process .

Dvorak’s also tried unsuccessfully to demand that the Indiana Public Retirement System divest its approximately $40 billion in assets held on behalf of Hoosier teachers and government employees from any company operating in Ukraine after the Russian invasion continues to do business in the Russian Federation.

House Speaker Todd Huston, R-Fishers, deemed the divestment provision insufficient in the context of underlying legislation to be included in the proposal, and the Republican-controlled House of Representatives voted 65-26 to confirm Hustons Decision.

The measure not only bans Russian corporations from acquiring property in Indiana, but bans all foreigners from acquiring many types of Indiana agricultural businesses and requires improved disclosure of large donations by foreign corporations to Indiana universities.

A final vote in the House of Representatives on the proposal is expected next week.

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