Norwegian sovereign wealth fund chief executive Nikolai Tangen said Tuesday that the fund is currently not in able to sell its portfolio of Russian stocks because the market for such assets is down and many companies are on global sanctions lists.
The fund’s holdings in Russian shares were worth about 27 billion Norwegian kroner ($ 2.86 billion) at the end of 2021, or 0.2% of its total value, but the value of those assets has fallen by at least 90% since then.
The fund was the largest in the world, achieving a return of approximately $ 177 billion in 2021, with a rate of return of 14.5%, which represents the second largest annual return in the fund’s history.
The fund said the total market value of its assets amounted to approximately 12.34 trillion crowns ($ 1.38 trillion).
The technology sector had the highest share of revenues with 435 billion crowns (48.55 billion dollars), followed by the financial sector.
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