The move comes as a growing number of state, local and international pension funds have sold off their Russian assets or considered doing so. In addition to the humanitarian concerns cited by McGuire, the Russian financial market is in crisis after a round of international sanctions in response to the country’s attack on Ukraine.

Colorado’s public pension fund moved early to divest its Russian holdings, pulling $7.2 million invested in Sberbank last week after the bank was hit by federal sanctions.

Lawmakers in New Jersey, New York, Pennsylvania and Illinois have also introduced or are exploring bills to force divestment in Russia and its ally Belarus, as has New York City. Caisse de dépôt et placement du Québec, Canada’s second-largest pension fund, said it sold off its Russian assets last week, while two Danish funds were also exploring divestment.

CalPERS, which manages an investment portfolio of more than $500 billion, has investments linked to Russia that fluctuate in value between about $900 million and $1.1 billion, but the fund is not directly invested in Russian debt, according to Megan White, a spokesperson for the pension fund.

“CalPERS supports the people of Ukraine who are suffering due to what is an unjustified and unprovoked attack,” said CalPERS CEO Marcie Frost in a statement. “CalPERS investments in Russia total less than one percent of our total portfolio. We are monitoring current events and will take action as appropriate to protect the interests of our members.”

Reuters also estimated CalSTRS had more than $800 million in Russian assets as of last June. CalSTRS said in a statement Monday that its investments in Russia totaled less than $500 million as of Feb. 23 and that it is following developments in Ukraine along with any U.S. government sanctions.

About 20 California lawmakers have lined up in support of the bill, which would take effect immediately if passed and signed into law.

“An unprovoked and illegal invasion of a sovereign nation is grounds for divestment,” said Assemblymember Jordan Cunningham (R-Templeton). “California must stand with the people of Ukraine.”

Dave Cortese, a San Jose Democrat who chairs the Senate Labor, Public Employment and Retirement Committee, said he hoped other governments follow suit. “As a state, it is our responsibility to ensure we are not fueling this global crisis that has caused tremendous human suffering,” he said.

Juhi Doshi and Chris Ramirez contributed to this report.