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Norway Decides to Drop Russia From $1.3 Trillion Wealth Fund

  • Fund’s $2.8 billion in Russian holdings are now frozen
  • Norway has previously avoided mixing politics with the fund
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WATCH: BP is dumping its shares of oil giant Rosneft and Norway is removing Russian assets from its $1.3 trillion sovereign wealth fund.Source: Bloomberg
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Norway is starting a process to remove Russian assets from its $1.3 trillion sovereign wealth fund, in a rare case of politics steering investments for the country’s savings.

The government decided to freeze Russian holdings in the fund in response to the country’s invasion of Ukraine and plans to divest them in due course, Prime Minister Jonas Gahr Store told reporters in Oslo on Sunday. Norges Bank Investment Management held about 25 billion kroner ($2.8 billion) there at the end of the year, Finance Minister Trygve Slagsvold Vedum said.