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Norway wealth fund unable to sell Russian stocks now, CEO says

Norway wealth fund unable to sell Russian stocks now, CEO says
© Reuters. FILE PHOTO: Nicolai Tangen, chief executive officer of Norges Bank Investment Management (NBIM), speaks at a public event held at Trinity Church in Arendal, southern Norway, August 17, 2021. REUTERS/Gwladys Fouche

OSLO (Reuters) – Norway’s sovereign wealth fund is currently unable to sell its portfolio of Russian stocks as the market for such assets is not functioning and many firms are on global sanctions lists, the fund’s CEO, Nicolai Tangen, said on Tuesday.

The fund owned Russian stocks worth some 27 billion Norwegian crowns ($2.86 billion) at the end of 2021, equivalent to 0.2% of its total value, but has since said the value of those assets has fallen by at least 90%.

($1 = 9.4451 Norwegian crowns)

Source: Investing.com

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