Posted 11/23/2023, 12:00:00 PM
New Jersey's Russia sanctions law faces court challenge, enforcement on hold
- New Jersey passed a law in 2022 to sanction companies with ties to Russia after the Ukraine invasion, but enforcement has been halted due to a court challenge
- The state was in the process of blacklisting major companies like JP Morgan, Xerox, and a top turf supplier before enforcement was paused
- A federal judge issued a temporary order halting enforcement for one company that challenged the law, Kyocera, on constitutional grounds
- The state then voluntarily stopped enforcing the law more broadly as the legal fight plays out
- It's unclear what the financial impact would be if companies like JP Morgan were actually blacklisted, but the stakes are high, with over $260 million in subsidies on the line just for JP Morgan