Posted 1/26/2024, 10:00:00 AM
New Jersey scales back Russian business blacklist after court rules state overstepped
- New Jersey passed a law to blacklist Russian-affiliated businesses after Russia's invasion of Ukraine, but a court ruled it was unconstitutional in the case of Kyocera
- The court said NJ was overstepping by setting its own foreign policy; the law could only apply to federally-sanctioned companies
- In response, NJ has narrowed the law to only match federal sanctions against Russian and Belarusian companies
- This guts the original intent of the law to independently punish Russia - now NJ is just following existing federal rules
- Companies like JPMorgan Chase that NJ moved to blacklist are no longer subject to the state law under the new interpretation