Norway wealth fund unable to sell Russian stocks now, CEO says -Breaking
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© Reuters. FILE PHOTO – Nicolai Tangen (chief executive officer, Norges Bank Investment Management) speaks during a public event at Trinity Church, Arendal in southern Norway on August 17, 2021. REUTERS/Gwladys FoucheOSLO (Reuters – Norway’s sovereign wealth funds is currently unable sell their Russian stocks portfolio as there is no market and many of these firms are under global sanctions, Nicolai Tzenen, chief executive, told Tuesday.
It owned Russian stocks in the amount of 27 billion Norwegian crowns ($2.86billion) as of 2021. This is 0.2% of its total worth. But, since that time, it has said that their value has dropped by at least 90 percent.
($1 = 9.4451 Norwegian crowns)
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