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The Norwegian wealth fund held $3 billion in Russian investments at the end of 2021

FILE PHOTO: A general view of the Central Bank of Norway, which houses Norway's sovereign wealth fund, in Oslo
FILE PHOTO: A general view of the Central Bank of Norway, which houses Norway’s sovereign wealth fund, in Oslo, Norway March 6, 2018. REUTERS/Gwladys Fouche/File Photo

March 3, 2022

By Gwladys Fouche

OSLO (Reuters) – Norway’s $1.3 trillion wealth fund, the world’s largest, said on Thursday it held investments in Russia worth around 27 billion kroner ($3.03 billion) at the end of 2021, which corresponds to 0.2% of its total value and less than 30 billion crowns a year earlier.

On Sunday, the government said the fund would first freeze and then divest its Russian assets following Russia’s invasion of Ukraine.

The fund’s Russian assets consist of shares in 51 companies, it said on Thursday. The most valuable holdings were Gazprom, Sberbank and Lukoil, which together accounted for two-thirds of the total.

All investments were in stocks, 80% of which are listed on the Moscow Stock Exchange, 18% in London and 0.6% in New York, a spokesman for the fund told Reuters.

The fund invests the state’s revenues from oil and gas production and is managed by a unit of the Norwegian Central Bank. He is one of the world’s largest investors, investing his cash in stocks, bonds, real estate and renewable energy projects.

The value of the fund at the end of 2021 was 12.3 trillion Norwegian kroner, equivalent to US$257,000 for every Norwegian man, woman and child.

($1 = 8.8667 Norwegian kroner)

Market Value of Norwegian Wealth Fund –

(edited by Terje Solsvik)

https://www.oann.com/norway-wealth-fund-held-3-billion-in-russian-investments-at-end-of-2021/?utm_source=rss&utm_medium=rss&utm_campaign=norway-wealth-fund-held-3-billion-in-russian-investments-at-end-of-2021 The Norwegian wealth fund held $3 billion in Russian investments at the end of 2021

Caroline Bleakley

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