Norway Wealth Fund Prepares $2.8 Billion Loss on Russian Holdings
- Fund’s Russian assets have dropped about $2.8 so far this year
- Gazprom was fund’s biggest Russian holding at the end of 2021
Nicolai Tangen presenting the annual report of the sovereign wealth fund in Oslo, March 3.
Photographer: Fredrik Solstad/BloombergThis article is for subscribers only.
Norway’s $1.3 trillion sovereign wealth fund has seen the value of its holdings in Russia slump about 91% so far this year, with questions over whether it’s possible to recover what’s left.
“I think you will be able to sell the shares, but the question is whether you’ll get the money for them,” Chief Executive Officer Nicolai Tangen said. When asked whether that’s the same as just giving them away, he said that in reality that’s what is almost happening now.