© Reuters
– The largest shareholding of the Norwegian Fund in a particular company is in Gazprom.
The $ 1.3 trillion Norwegian sovereign wealth fund, the world’s largest public investment fund, will sell its Russian assets due to Russia’s invasion of Ukraine, the Norwegian prime minister said on Sunday.
The fund’s Russian assets, consisting of shares in about 47 companies and holdings of government bonds, were worth 25 billion Norwegian kroner ($ 2.83 billion) at the end of 2021. That’s 5 billion kroner. less than a year earlier, the government was quoted as saying by Reuters.
“We have decided to freeze the fund’s investments and have started the sale process (of assets in Russia),” Prime Minister Younas Gar Søre told a news conference.
At the end of 2020, the last time the fund broke down its Russian assets, it held government bonds worth 6.7 billion kroner and shares worth 23.3 billion kroons, according to Norges Bank Investment Management (NBIM).
The most valuable stake in a single company at the end of 2020 was in the large Sberbank, where it held a 0.83% stake worth 6.0 billion kroner at the time. This made the fund the fourth largest shareholder, according to Refinitiv Eikon.
The second and third largest shares at the end of 2020 were in the energy companies Gazprom and Lukoil.
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