Finance

Norway wealth fund unable to sell Russian stocks now, CEO says

Nicolai Tangen, chief government officer of Norges Financial institution Funding Administration (NBIM), speaks at a public occasion held at Trinity Church in Arendal, southern Norway, August 17, 2021. REUTERS/Gwladys Fouche

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OSLO, Might 3 (Reuters) – Norway’s sovereign wealth fund is presently unable to promote its portfolio of Russian shares as the marketplace for such belongings isn’t functioning and plenty of companies are on international sanctions lists, the fund’s CEO, Nicolai Tangen, mentioned on Tuesday.

The fund owned Russian shares value some 27 billion Norwegian crowns ($2.86 billion) on the finish of 2021, equal to 0.2% of its whole worth, however has since mentioned the worth of these belongings has fallen by at the least 90%.

($1 = 9.4451 Norwegian crowns)

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Reporting by Gwladys Fouche, enhancing by Terje Solsvik

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