Reducing Activities: company scaling back some business operations while continuing others
Stay Scaling Back
The Government Pension Fund of Norway comprises two entirely separate sovereign wealth funds owned by the government of Norway. The Government Pension Fund Global, also known as the Oil Fund, was established in 1990 to invest the surplus revenues of the Norwegian petroleum sector. Norges Bank (the central bank of Norway, https://www.norges-bank.no/en/) manages the Oil Fund. The fund has over $1.3 trillion in assets; 70% of that is in listed shares in 70 markets, with an average ownership stake of 1.4% per company.
Reducing Activities: company scaling back some business operations while continuing others
Stay Scaling BackAs of February 08, 2023 shares of 51 Russian companies valued for $292 million are owned by the Government Pension Fund of Norway through their Oil Fund.
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.
| January 31, 2023 | Value of Norway’s Sovereign Wealth Fund's Russia investments slashed to one-tenth |