New York state will begin the process of divesting from Russian-backed entities in response to the invasion of Ukraine, Gov. Kathy Hochul said Sunday.

Hochul signed an executive order meant to set in motion divestiture from Russian firms and other entities that have business ties to the country.

The order could also address state pension fund investments linked to the country, Hochul said. It’s not clear how long such a process could take. Pension fund divestment, for instance, can take months to fully implement.

Still, using New York's muscle and large economy to hold Russia accountable for the invasion comes after widespread global condemnation of the conflict. International sanctions targeting Russian business leaders as well as President Vladimir Putin are being put into effect as well.

State lawmakers in recent days have called for legislation meant to divest New York from businesses that have investments and other monetary assets tied to Russia. A bill proposed by state Sen. Elijah Reichlin-Melnick called for a sweeping divestiture plan, and would end state contracts with firms that have business ties with Russia.

It's not clear how much money in investments is tied between New York and Russian interests.

In addition to divesting from Russian interests, Hochul has also signaled the state will accept any refugees from the conflict.

"Russia has chosen to attack democracy and we will stand with Ukraine as we condemn these atrocities," Hochul said. "Our state will not permit its own investment activity, whether directly or indirectly, to aid Russia as it commits these human rights violations. New York is home to the largest population of Ukrainians in the United States - they are our family and an attack on them is an attack on us all. We will make our statements and values known and show solidarity with Ukraine as we rebuke this assault on democracy."