AK HB401

Prohibits state fund commissioners and fiduciaries from investing in Russian sovereign debt and publicly traded securities of companies identified by the U.S. Treasury Department's Office of Foreign Assets Control as Russian government-owned or operating in Russia's financial services sector.

Requires divestment of existing Russian investments within 180 days of identification; directs outside investment managers to divest within 180 days of receiving fiduciary direction.

Prohibits state funds from conducting business with financial institutions identified as profiteering from Russia's invasion of Ukraine, with exceptions for commingled investments and index funds.

Allows exceptions to investment and business prohibitions if the commissioner or fiduciary determines compliance would conflict with fiduciary responsibilities; requires consideration of at least three alternative investment opportunities before making exceptions.

Provides immunity from liability and state indemnification for actions taken in good faith to comply with the law; exempts the Alaska Permanent Fund and Alaska Retirement Management Board from these requirements; law expires July 1, 2023.