Norway Wealth Fund CEO Rejects Calls to Sell Russian Assets Now
- Selling Russian stocks cheaply would be ‘gift’ to oligarchs
- About 0.2% of world’s top wealth fund is invested in Russia
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Norway’s $1.3 trillion sovereign wealth fund’s chief executive, Nicolai Tangen, is resisting pressure to sell Russian stocks now, saying doing so would be akin to a “gift” to the country’s oligarchs.
The Oslo-based fund is the world’s biggest owner of publicly traded companies with a portfolio of about 9,000 stocks, and has about 0.2% of its assets invested in Russia. An opposition party and other Norwegian organizations have demand it dump Russian investments after President Vladimir Putin launched a full-scale invasion of Ukraine on Thursday.