Section 3838.4 - Divestment(a) Initial divestment of direct holdings.--To the extent permitted under Federal law, the public fund shall sell, redeem, divest or withdraw from its direct holdings all securities of sanctioned Russian companies, sanctioned Belarusian companies, the government of Russia and the government of Belarus.(b)Subsequent divestment of direct holdings.--Upon the determination that a foreign company meets the criteria as a sanctioned Russian company or a sanctioned Belarusian company after the effective date of this section, to the extent permitted under Federal law, the public fund shall sell, redeem, divest or withdraw from its direct holdings all securities of sanctioned Russian companies and sanctioned Belarusian companies.(c) Additional divestment.--Beginning on the effective date of this subsection, to the extent permitted under Federal law, a public fund shall sell, redeem, divest or withdraw from the following: (1) Scrutinized companies, other than sanctioned Russian companies and sanctioned Belarusian companies, in which the public fund has direct holdings.(2) Scrutinized companies in which the public fund has indirect holdings and alternative investments.(3) Securities of the government of Russia and the government of Belarus in which the public fund has indirect holdings and alternative investments.(d)Prohibition.--A public fund may not acquire direct holdings, indirect holdings or alternative investments of scrutinized companies, the government of Russia or the government of Belarus.Added by P.L. TBD 2022 No. 132, § 4, eff. 11/3/2022.