Norwegian sovereign wealth fund receives permission to sell shares in russian companies

The Norwegian Central Bank, which manages the GPFG, has asked the country's Ministry of Finance to allow the sale of part of the russian portfolio when the opportunity arises.

The Norwegian Ministry of Finance suspended all operations with the fund's russian assets after russia's invasion of Ukraine in February 2022 and announced at the time that the ultimate goal was to withdraw these assets.

The fund's russian portfolio was worth NOK 1.5 billion ($135 million) at the end of June, covering 49 companies, including major stakes in Sberbank, Lukoil and Gazprom, as well as shares of Russian companies listed outside russia or with secondary listings that do not require moscow's approval, such as Novatek, Yandex, Evraz, Globaltrans Investments and Ozon Holdings. In addition, the fund holds approximately NOK 3.2 billion ($288 million) in russian rubles at its Citibank custodian, the Russian National Settlement Depository (NSD), which consists of dividends received since February 2022.

The Norwegian Pension Fund is the largest sovereign wealth fund in the world, managing assets, including equities, in more than 9,000 companies worldwide. The total value of its assets is $1.8 trillion. The fund owns 1.5% of all global listed equities.

Source: Reuters