Sunday, February 27, 2022

Norway Sovereign Fund Will Divest From Russia

Norway's $1.3 trillion Sovereign Wealth Fund, the World's Largest, will Divest its Russian Assets following Russia's Invasion of Ukraine, the Norwegian Prime Minister said on Sunday.

The Fund's Russian Assets, consisting of Shares in some 47 Companies as well as Government Bonds, were worth 25 billion Norwegian Crowns ($2.83 billion) at the end of 2021, down from 30 billion crowns a year earlier, the Government said.

"We have decided to freeze the fund's investments and have begun a process of selling out (of Russia)," Prime Minister, Jonas Gahr Stoere said.

At the end of 2020, the last time the Fund gave a Breakdown of its Russian Assets, it held Government Bonds worth 6.7 billion Crowns and Equities worth 23.3 billion Crowns, according to Norges Bank Investment Management (NBIM).

NYC Wins When Everyone Can Vote! Michael H. Drucker

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