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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

Friday, Oct. 31


Put your grammar and logical thinking to the test in a fun and friendly environment during the British Book Center’s Board Game Evening starting at 5 p.m. today. The event is free and all are welcome to attend.



Saturday, Nov. 1


The men and women who dedicate their lives to fitness get their chance to compete for the title of best body in Russia at today’s Grand Prix Fitness House PRO, the nation’s premier bodybuilding competition. Not only will men and women be competing for thousands of dollars in prizes and a trip to represent their nation at Mr. Olympia but sporting goods and nutritional supplements will also be available for sale. Learn more about the culture of the Indian subcontinent during Diwali, the annual festival of lights that will be celebrated in St. Petersburg this weekend at the Culture Palace on Tambovskaya Ul. For 100 rubles ($2.40), festival-goers listen to Indian music, try on traditional Indian outfits and sample dishes highlighting the culinary diversity of the billion-plus people in the South Asian superpower.



Sunday, Nov. 2


Check out the latest video and interactive games at the Gaming Festival at the Mayakovsky Library ending today. Meet with the developers of the popular and learn more about their work, or learn how to play one of their creations with the opportunity to ask the creators themselves about the exact rules.



Monday, Nov. 3


Non-athletes can get feed their need for competition without breaking a sweat at the Rock-Paper-Scissors tournament this evening at the Cube Bar at Lomonosova 1. Referees will judge the validity of each matchup award points to winners while the city’s elite fight for the chance to be called the best of the best. Those hoping to play must arrange a team beforehand and pay 200 rubles ($4.80) to enter.



Tuesday, Nov. 4


Attend the premiere of Canadian director Xavier Dolan’s latest film “Mommy” at the Avrora theater this evening. The fifth picture from the 25-year-old, it is the story of an unruly teenager but the most alluring (or unappealing) aspect is the way the film was shot: in a 1:1 format that is more reminiscent of Instagram videos than cinematic art. Tickets cost 400 rubles ($9.60) and snacks and drinks will be available.



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