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.
By Lars Erik Taraldsen, bloomberg
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.
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