OSLO (Reuters). -Norway’s $1.3 trillion sovereign wealth trust, one of the most powerful in the world after Russia’s invasion, will sell its Russian assets, according to Sunday’s statement by the Norwegian prime Minister.

According to the government, Russian assets of the fund, which include shares in 47 companies and government bonds, were valued at 25 billion Norwegian crowns (or $2.83 billion) as of the end 2021. This is down from the 30 billion crowns that the fund had accumulated a year ago.

A news conference was held by Prime Minister Jonas Gahr Stoere. He stated, “We have decided that we will freeze the investments of the fund and have started a process to sell out (of Russia).”

The last report of the Russian asset fund at the end of 2020 showed that it had Russian government bonds totalling 6.7 billion Crowns and equities totalling 23.3 billion Crowns. According to Norges Bank Investment Management.

According to Refinitiv Eikon data, Sberbank held the most valuable stake of any firm in 2020. It had 0.83%, or 6.0 billion Crowns, and was the fourth largest shareholder.

End 2020 saw the second- and third biggest stakes in energy companies Gazprom (MCX) and Lukoil.

The invasion of Ukraine has caused Russia’s stock exchange to plummet this week.

($1 = 8.8197 Norwegian crowns)