Promised to divest all Russian stocks in February 2022, but still hold a lot of Russian shares through their Oil Fund. Investments in Russia have never been big compared to other markets. Last year, the fund’s values in Moscow listed equities shrunk from about $2,7 billion at the start of the year down to less than $300 million (2,9 billion kroner), the list published by the banks shows. By December 31, 2022, Norway owned shares in 51 Russian listed companies, of which seven are in the petroleum and energy sector which helps Russia fuel its war economy. Norway’s government should allow its vast sovereign wealth fund to sell some of its Russian portfolio whenever possible, ending a blanket freeze from 2022 that has prevented withdrawals, the central bank that manages the fund said. The fund has been effectively barred from withdrawing Russian assets because it is prohibited from selling to counterparties subject to US or EU sanctions.