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Norway's Wealth Fund Considers Reducing Russia Assets

Published: July 25, 2014 (Issue # 1821)



  • Norway has no obligation to comply with EU sanctions.
    Photo: Mroach / Flickr

Norway's colossal sovereign wealth fund is considering reducing its $7.6 billion portfolio of Russian investments as Russia stares down the barrel of tougher EU sanctions, Bloomberg reported Thursday.

EU ambassadors met on Thursday to discuss sanctions drawn up by the European Commission, chief among which were proposals to ban European investors from buying new debt or shares in banks majority-owned by the state, Reuters reported.

Not being an EU member, Norway has no obligation to comply with EU sanctions, but the country's sovereign wealth fund is nonetheless reviewing its Russian investments to limit potential damage.

With $890 billion in total assets, Norway's sovereign wealth fund is the biggest in the world. Its 65 Russian investments are worth $7.6 billion in stocks and bonds, both corporate and government, according to the fund's 2013 annual report

The largest is a 4.6 percent stake in state bank VTB worth $888 million, according to the report. The fund has investments in several other state companies, including energy major Gazprom, oil giant Rosneft and oil transport monopoly Transneft, as well as a stake in independent oil producer LUKoil.

"If the oil fund's investments become affected by economic sanctions against Russia that Norway supports [the fund] will need to make the necessary adjustments to accommodate the new situation," a Norwegian Finance Ministry spokesman told Bloomberg.

The fund has already taken a hit in Russia this year, losing 9.7 percent on its investments in Russian government bonds in the first quarter due to earlier sanctions meted out by the West over Russia's annexation of the Crimean peninsula and alleged support for separatists rebels in Ukraine's war-torn east.





 


ALL ABOUT TOWN

Thursday, Oct. 2


The celebration of the bicentennial of the birth of Mikhail Lermontov continues with today’s free exhibition in the city’s Lermontov Library at 19 Liteiny Prospekt. Titled “Under the Rustling Wings,” the temporary exhibition will feature the costumes and scenery used in the 1917 production of Lermontov’s play “The Masquerade,” which he wrote in 1835 when he was only 21 years old.



Friday, Oct. 3


Learn more about how to manage and evaluate employee performance during SPIBA’s Human Resources Committee meeting this morning on “Employee Assessment: Global and Local Trends.” Starting at 9:30 a.m., the discussion will touch on such topics as the partnership between HR and business, reliable assessment strategies and more, with Tatiana Andrianova, the head of the SHL Russia and CIS branch in St. Petersburg, as the featured guest. Confirm your participation by Oct. 2 by emailing office@spiba.ru or calling 325 9091.


AmCham’s Procurement Committee Meeting is at 9 a.m. this morning in their office in the New St. Isaac Office Center on Ulitsa Yakubovicha.



Saturday, Oct. 4


Wine and cheese lovers will get their chance to revel during Scandinavia Country Club and Spa’s Wine Market Weekend. Going on today and tomorrow, wining diners can listen to live music, take part in culinary classes and, of course, sample a variety of fine wines from around the world. The cost of admission is 400 rubles ($10.30) for adults and 200 rubles ($5.15) for children.



Sunday, Oct. 5


Look for the latest fall fashions at the Autumn Market today in Freedom Anticafe at 7 Kazanskaya Ulitsa. The minimarket plans to offer clothes more flattering than the puffy jackets that are a staple of the city’s cold-weather fashion, while offering the same amount of protection from the biting winds blowing off of the Baltic.



Monday, Oct. 6


SKA St. Petersburg, the city’s KHL affiliate, welcomes Slovakian club HC Slovan in a match-up tonight at the Ice Palace near the Prospekt Bolshevikov metro station. The puck drops at 7:30 p.m. and tickets can be purchased on the club’s website or in person at either the arena’s box office or the club’s merchandise store on Nevsky Prospekt.



Tuesday, Oct. 7


Learn more about Russia’s energy industry at the St. Petersburg Energy Forum that begins today and runs through Oct. 10. Attracting industry experts and political and business representatives, the forum plans to welcome more than 350 plus companies and their representatives to discuss the future of Russia’s largest economic sector.



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