Norway’s sovereign wealth fund to divest Russian assets
Norwegian Prime Minister Jonas Gahr Store announced on Sunday that Norway will freeze its investment in Russia and start the process of withdrawing its funds from the country following Russia’s invasion of Ukraine. Finance Minister Trygve Slagsvold Vedum added the goal is to pull the Norwegian oil fund completely out of the Russian market “over time.”
“It is important to send signals to the Russian leadership that has decided to start this war. It is important to emphasize that such sanctions will also have consequences for Norway, it will limit trade and exchange – but it is necessary,” Store said. According to the Norwegian government’s figures, the fund has invested in 47 companies and Russian government bonds, for a total of around $2.8 billion at the end of last year.
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