Norway's oil fund starts to freeze out Russia

Norway is starting a process to remove Russian assets from its USD 1.3trn sovereign wealth fund, in a rare case of politics steering investments for the country’s savings.

Ringo Chiu/AFP/Ritzau Scanpix

The Norwegian government has decided to freeze Russian holdings in the fund in response to the country’s invasion of Ukraine and plans to divest them in due course, Prime Minister Jonas Gahr Store told reporters in Oslo on Sunday. Norges Bank Investment Management held about NOK 25bn (USD 2.8bn) at the end of the year, Finance Minister Trygve Slagsvold Vedum said.

The Oslo-based fund is the world’s biggest owner of publicly traded companies with a portfolio of about 9,000 stocks. The government made its decision despite Chief Executive Officer Nicolai Tangen on Friday describing such a move as a “wrapped gift to the oligarchs” who would buy the shares.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from AMWatch

Titanbay fuels growth with new partnerships as competition heats up

The platform for private market funds has got fresh capital and new partners onboard, as the competition between companies trying to bridge the gap between private market funds and investors with limited access intensifies. The CEO of Titanbay tells AMWatch how the new partnerships will help the business to prosper.

Further reading

Related articles

Latest news

Watch job

See all jobs

See all jobs

Latest news from FinansWatch (dk)

Latest news from EnergyWatch

Latest news from ShippingWatch