World's largest sovereign wealth fund says it'll dump its Russian assets over the Ukraine invasion
Norway says its massive sovereign wealth fund — the world's largest — will dump its Russian investments after Russia invaded Ukraine.
"We have decided to freeze the fund's investments and have begun a process of selling out" of Russia, Prime Minister Jonas Gahr Støre told a news conference Sunday, per Reuters.
The Norges Bank Investment Management is the world's largest sovereign wealth fund, according to the data provider Global SWF. At the end of 2021, it held a portfolio of more than 9,000 stocks worth $1.3 trillion, including 47 Russian companies and government bonds, Reuters reported, citing the Norwegian government. The NBIM had 27 billion Norwegian crowns, or about $3 billion, invested in Russian equities at the end of 2021 — equivalent to 0.2% of the fund, it told Insider.
"Russia's attack on Ukraine has challenged Europe's security in a way we have not seen since the Second World War," Støre said in a Sunday statement expressing support for Ukraine. "It challenges our norms, our values, and the principles that our democratic society is based on," Støre added, according to a Financial Times translation.
https://www.msn.com/en-us/money/markets/the-world-s-largest-sovereign-wealth-fund-says-it-ll-dump-its-russian-assets-over-the-ukraine-invasion/ar-AAUoUQu
