Norway says it will dump its Russian investments after Russia invaded Ukraine.
Kay Nietfeld/Getty Images via BI The Prime Minister told a news conference that they had decided to freeze the fund's investments and begin the process of selling out Russia.
According to the data provider, the world's largest wealth fund is the Norges Bank Investment Management. At the end of the year, it held a portfolio of more than 9000 stocks worth more than $1 trillion, including 47 Russian companies and government bonds, according to the Norwegian government. According to Insider, the NBIM had 27 billion Norwegian crowns, or about $3 billion, invested in Russian equities at the end of 2021.
Tensions between Russia and Ukraine have led to a plunge in the price of the virtual currency.
Europe's security has been challenged in a way we have not seen since the Second World War by Russia, according to a Sunday statement.
The NBIM said it would stop investing in Russia and prepare a plan to sell assets there.
Western countries and companies are isolating Russia by removing selected banks from the international banking system.
The British oil giant has said it is dumping its 20% stake in the Russian oil giant. The 30-year business partnership between the two energy giants was ended by the invasion of Ukraine by Russia, according to a statement from the chair of the company.
The media outlet Borsen reported that the decision came just days after the chief executive of the fund talked about the difficulties of selling its Russian holdings. The Russian stock market has plummeted this year.
Tangen told the media outlet that selling out of a market is not black or white.
The state-owned Sberbank was the most valuable stake in a single Russian company at the end of 2020, according to Refinitiv Eikon data.
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