The Ministry of Finance today received a letter from Norges Bank regarding foreign investments of the State Pension Fund in Russia and advice on the sale of these investments.
Freezing any investments
In the letter, Norges Bank stressed that the Russian stock exchange has been closed since February 28 and the situation is uncertain. The sale has to be sanctioned, the fund's interests in general, and will have to be done over time.
The Ministry will now consider the advice Norges Bank. The ministry's decision to freeze all investments will remain in force until further notice. The bank signaled that it would have to come back with more information later, when the market was functioning normally. This includes both lifting the freeze and ending the sale.
The actual implementation of the sale will be part of the ongoing management implementation, which the Ministry does not comment on along the way for market reasons. The ministry will announce the sale later.
Source: regjeringen
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