Norwegian $1.3tn oil fund drops Russian investments

It has also announced £167m in humanitarian aid to Ukraine and banned Russian flights

Big Zero Report 2023

The Norwegian government has announced it will drop all Russian investments from its $1.3 trillion (£971m) oil fund to support Ukraine.

It has instructed Norges Bank Investment Management (NBIM) to immediately freeze all Russian investments and divest the current $3 billion (£2.2bn) in Russian assets.

According to the Financial Times, 0.2% of NBIM’s total assets under management at the end of 2021 were Russian.

Norway has announced kr2bn (£167 million) in humanitarian aid for Ukraine and has banned its airspace to Russian flights.

Norwegian Prime Minister Jonas Gahr Støre said: “Russia’s attack on Ukraine has challenged Europe’s security in a way we have not seen since the second world war.

“It challenges our norms, our values and the principles that our democratic society is based on.”

Norwegian Finance Minister Trygve Slagsvold Vedum added: “Given how the situation has developed, we consider it necessary to pull the fund out of Russia.”

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