Norway Fund’s Top Russia Holding Include VTB, GAZ Auto

Norway’s $890 billion sovereign wealth fund, the world’s biggest, has said it’s reassessing its investments in Russia as the European Union considers expanding sanctions against the country.

The fund will make “the necessary adjustments” if its holdings were to be affected by sanctions against Russia that Norway backs, Runar Malkenes, a Finance Ministry spokesman, said this week. Below is a list of the fund’s 20 biggest stakes in Russian companies, ranked by percent of ownership, as of Dec. 31, according to data from the wealth fund’s website.

The fund held about $3.6 billion in stocks and $4 billion in corporate and government bonds in Russia at the end of 2013, its annual report shows.

VTB Bank OJSC                                           4.60%
Cherkizovo Group OJSC                                   3.83%
Armada OAO                                              2.99%
IDGC of South JSC                                       2.97%
GAZ Auto Plant                                          2.77%
Kuzbasskaya Toplivnaya Kompaniya OAO                    2.68%
DIXY Group OJSC                                         2.59%
Orsknefteorgsintez OAO                                  2.52%
Interregional Distribution Grid Co Centre JSC           2.17%
Bank St Petersburg OJSC                                 1.48%
Mostotrest                                              1.35%
Sollers OJSC                                            1.28%
TGK-1 OAO                                               1.22%
LSR Group                                               1.11%
Pharmstandard OJSC                                      0.95%
Bashneft OAO                                            0.94%
Interregional Distribution Network Co North-West OJSC   0.93%
Mechel                                                  0.93%
Aeroflot - Russian Airlines OJSC                        0.88%
PIK Group                                               0.82%

To contact the reporter on this story: Boris Korby in New York at

To contact the editors responsible for this story: Christian Baumgaertel at Sree Vidya Bhaktavatsalam

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