The world's largest wealth fund will dump its Russian investments after the invasion of Ukraine.
The Prime Minister told a news conference on Sunday that they had decided to freeze the fund's investments and begin the process of selling out Russia.
Global SWF says that the NBIM is the largest wealth fund in the world. At the end of the year, it held a portfolio of over 9000 stocks worth over $1 trillion, including 47 Russian companies and 25 billion Norwegian crowns, according to the Norwegian government.
Europe's security has been challenged in a way we have not seen since the second world war, according to a Sunday statement.
As western countries intensify their economic isolation of Russia, Norway has announced that they will remove selected banks from the SWIFT banking system.
The British oil major is giving up its 20% stake in the Russian oil company. The 30-year business partnership between the two energy giants was ended by Russia's invasion of Ukraine, according to a statement.
The decision by Norway came just days after the CEO of the fund talked about the difficulties of selling Russian holdings. The Russian stock market is down over 30% year-to-date.
Selling out of a market is not black-or-white according to Tangen.
According to Refinitiv Eikon data, Sberbank was the most valuable stake in a single Russian company at the end of 2020.
The NBIM did not reply immediately.
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