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Euromaidanpress
Euromaidan Press
6 Dec 2024
Yuri Zoria


Norway’s wealth fund can sell off its Russian stocks

Norway’s finance ministry granted its $1.8 trillion wealth fund permission to sell Russian stocks if transactions comply with international sanctions.
norway's wealth fund can sell off its russian stocks building norges bank oslo central commons/bjoertvedt finanstilsynet (the inspectorate finance sector) norway office complex $18 trillion sovereign has received permission stock
Building of Norges Bank in Oslo, Norway’s central bank. Photo: Wikimedia Commons/Bjoertvedt.
Norway’s wealth fund can sell off its Russian stocks

Norway’s $1.8 trillion sovereign wealth fund has received permission to sell its Russian stock holdings. Deputy Finance Minister Ellen Reitan told Reuters that “Permission to sell the fund’s Russian stocks is given on the condition that the sale can be done in line with applicable sanctions.

Norway’s fund, which manages the country’s oil and gas wealth, owns 1.5% of all global listed shares. As of June, the fund’s 1.5 billion kroner ($135 million) Russian equity portfolio spans 49 companies, including Sberbank, Lukoil, Gazprom, Novatek, Yandex, and others, with some listed abroad. It also holds 3.2 billion kroner ($289 million) in roubles from dividends since February 2022, stored in a Citibank account with the Russian National Settlement Depository.

The fund’s ability to sell has been restricted since February 2022, when Norway’s finance ministry halted all Russian asset transactions following Moscow’s full-scale invasion of Ukraine.

Norges Bank, the central bank of Norway managing the fund, requested permission earlier this week to sell parts of its Russian portfolio when possible, noting that “isolated transactions if and when divestment opportunities arise is currently the only way” to divest portions of the holdings.

Reuters says Russia’s Deputy Central Bank Governor Filipp Gabunia stated that selling assets in Russia requires Moscow’s approval with “compelling grounds.” Sales outside Russia can involve foreign buyers but will remain frozen.

The Nordic countries are among Ukraine’s strongest supporters, providing military aid, training, and humanitarian assistance while advocating for its sovereignty. Since Russia’s February 2022 invasion, Norway has allocated 52.6 billion kroner ($4.7 billion) to Ukraine, including 28 billion kroner ($2.5 billion) for military aid and 24 billion kroner ($2.2 billion) for civilian support.

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