The Norwegian State Global Pension Fund, which invests oil and gas revenues abroad, will freeze and then dispose of its millionaire assets invested in Russia, the Prime Minister of the Nordic country, Jonas Gahr Støre, announced on Sunday. a press conference.
Valued at more than $1.3 trillion, the Norwegian-backed investment fund is the largest in the world. The fund’s Russian assets consist of shares in 47 companies and government bonds worth a total of about 25 billion Norwegian kroner ($3.053 billion), according to Norwegian Economic Media.
The center-left Norwegian government has ordered the National Bank to immediately freeze all its investments in Russia and not to carry out any operations to subsequently start the sale of assets, as a reaction to the war against Ukraine.
“The goal is to completely remove the bottom from the Russian market. These are economic sanctions that are going to affect the Russian leadership,” said Finance Minister Trygve Slagsvold Vedum.
The oil fund earned 1.58 billion kroner ($177 billion) in 2021, with an average return on all its investments of 14.5%. The fund had a value as of December 31 of 12.3 billion Norwegian kroner (US$1.38 billion).
With information from EFE and Reuters
Source: Larepublica
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