The South Australian government has introduced legislation to parliament to remove about $60 million in state funds from Russian investments.
Amid the ongoing Russian invasion of Ukraine, Labor Premier Peter Malinauskas said the move was in line with community expectations.
It will remove SA's estimated $60 million exposure to Russian assets held by Funds SA, which manages government investments and the superannuation of public servants, and brings the state into line with Queensland and NSW.
"We cannot continue to invest South Australians' money in Russia given their disgraceful conduct in Ukraine, which we have all watched in horror," Mr Malinauskas said.
"It would be unacceptable for state government funds and public sector workers' superannuation to continue being invested in Russian assets."
Treasurer Stephen Mullighan said Funds SA had already begun divesting itself of Russian assets in line with sanctions imposed by the federal government.
The SA law changes would ensure superannuation members and public authorities were not earning investment returns from Russian assets.
Funds SA currently manages about $43 billion in government and superannuation funds.
