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Norway wealth fund’s Russian investments are worthless, says CEO

The Russian assets of Norway’s $1.3 trillion wealth fund, the world’s largest, have become worthless following Russia’s invasion of Ukraine and selling them as instructed by the government will take time, the fund’s CEO said on Thursday. The fund held investments in Russia worth some 27 billion crowns ($3.0 billion) at the end of 2021, equivalent to 0.2% of its total value, and down from 30 billion crowns a year earlier. As of March 2, they were likely worth 2.5 billion crowns, CEO Nicolai Tangen told a news conference on Thursday, noting their exact value was “highly uncertain” given the Moscow bourse has been shut since Monday.

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