OSLO -Norway’s $1.3 trillion sovereign wealth fund, the world’s largest, will divest its Russian belongings following Russia’s invasion of Ukraine, the Norwegian prime minister stated on Sunday.
The fund’s Russian belongings, consisting of shares in some 47 firms in addition to authorities bonds, had been value 25 billion Norwegian crowns ($2.83 billion) on the finish of 2021, down from 30 billion crowns a 12 months earlier, the federal government stated.
“We have now determined to freeze the fund’s investments and have begun a strategy of promoting out (of Russia),” Prime Minister Jonas Gahr Stoere informed a information convention.
On the finish of 2020, the final time the fund gave a breakdown of its Russian belongings, it held authorities bonds value 6.7 billion crowns and equities value 23.3 billion crowns, in line with Norges Financial institution Funding Administration (NBIM).
Probably the most beneficial stake in a person agency on the finish of 2020 was in Sberbank, the place it held 0.83% value 6.0 billion crowns on the time, making the fund the fourth-largest shareholder, in line with Refinitiv Eikon knowledge.
The second and third largest stakes on the finish of 2020 had been in vitality companies Gazprom and Lukoil.
Russia’s inventory market has plunged this week within the wake of the invasion of Ukraine.
($1 = 8.8197 Norwegian crowns)
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