Norwegian wealth fund to dump all Russian holdings following Ukraine invasion
Norway’s $1.3 trillion sovereign wealth fund will drop all its Russian holdings following Russia’s invasion of Ukraine, the prime minister said today.
The fund’s Russian assets consist of shares in 47 companies and government bonds worth $2.83bn, the Oslo government said.
“We have decided to freeze the fund’s investments and have begun the process of selling out,” Prime Minister Jonas Gahr Stoere said during a press conference.
Norway’s decision comes a day after the EU and its allies – including the UK and Canada – said several top Russian banks will be excluded from global banking payment system SWIFT.
The latest set of sanctions is expected to cause turmoil to the Russia’s economy, as it prompted the country’s central bank to plead with citizens for calm, Morning Wire reported.
“If I were Russian, I would take my money out now. Bank runs could begin in Russia on Monday,” Bill Ackman, the top US hedge fund manager, said in a tweet.