General view of the Norwegian Central Bank, home of Norway’s sovereign wealth fund, in Oslo, Norway March 6, 2018. REUTERS/Gwladys Fouche/File Photo

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  • Fund invested in 51 Russian companies, has no bonds
  • The most valuable stakes were in Gazprom, Sberbank, Lukoil
  • The Govt ordered the freezing of the fund and the sale of Russian investments

OSLO, March 3 (Reuters) – Norway’s $1.3 trillion wealth fund, the world’s largest, said on Thursday it had investments in Russia worth some 27 billion kroner (3, 03 billion dollars) at the end of 2021, i.e. 0.2% of its total value and against 30 billion crowns a year earlier.

On Sunday, the government said the fund would freeze and then divest its Russian assets after Russia invaded Ukraine. Read more

The fund’s Russian assets consisted of shares of 51 companies, he said on Thursday. The most valuable holdings were in Gazprom, Sberbank (SBER.MM) and Lukoil (LKOH.MM), which together accounted for two-thirds of the total.

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All investments were in equities, with 80% of them listed on the Moscow stock exchange, 18% in London and 0.6% in New York, a spokesman for the fund told Reuters.

Investing state revenues from oil and gas production and managed by a unit of the central bank of Norway, the fund is one of the largest investors in the world, investing its cash in stocks, bonds , real estate and renewable energy projects.

The value of the fund was NOK 12.3 trillion at the end of 2021, or $257,000 for every Norwegian man, woman and child. Read more

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($1 = 8.8667 Norwegian kroner)

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Editing by Terje Solsvik

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