CA SB1328

Prohibits public employee retirement system boards from making new investments or renewing existing investments in prohibited companies domiciled in Russia or Belarus, companies designated by the U.S. government as complicit in the Ukraine war, or companies supplying military equipment to Russia or Belarus, with required liquidation of existing investments consistent with fiduciary duties.

Requires the State Treasurer to cease making new or renewed investments of state funds in Russian or Belarusian government investment vehicles or Russian or Belarusian financial institutions under U.S. sanctions.

Prohibits state agencies from making new investments or renewing existing investments in Russian or Belarusian government entities or sanctioned financial institutions, with mandatory liquidation within six months unless fiduciary concerns apply.

Makes companies conducting business with Russia or Belarus ineligible to bid on state contracts for goods or services and requires certification of compliance; violators face civil penalties up to $250,000 or twice the contract amount, contract termination, and three-year bidding suspension.

All provisions automatically repeal upon either Russia and Belarus halting their invasion and occupation of Ukraine or the United States revoking all related sanctions; took effect immediately as an urgency statute.