Russian Ambassador to Norway Teimuraz Ramishvili noted that the Norwegian pension fund, known as the Oil Fund or GPFG, reduced its holdings in Russian securities from about 3.1 billion dollars to roughly 291 million. He explained this shift with the fund’s own assessments and the impact of geopolitical events on investment choices. Ramishvili’s assessment underscores how a major global wealth vehicle adjusted its exposure to the Russian market in recent years (Source: Teimuraz Ramishvili, Russian Ambassador to Norway).
According to Ramishvili, at the start of 2022 GPFG’s investments in securities traded on the Russian stock exchange stood at NOK 27.4 billion, equivalent to around 3.1 billion US dollars. By January 2023, GPFG’s ownership in shares of Russian companies had diminished to about 291.6 million dollars, reflecting a broad repositioning and risk management strategy amid ongoing sanctions and market volatility (Source: Teimuraz Ramishvili, Russian Ambassador to Norway).
The Norwegian National Wealth Fund decided to freeze new investments in Russia in response to the events in Ukraine in late February 2022. At the end of 2021, the fund held what was described as its largest securities package in Russia, comprising shares of 47 Russian companies and government bonds valued at approximately 2.83 billion dollars. The top positions were shares in Sberbank, Gazprom, and Lukoil, illustrating a significant concentration before the halt in new purchases (Source: Teimuraz Ramishvili, Russian Ambassador to Norway).
In August, Ramishvili referenced forecasts tied to the fund’s performance during 2022, noting a notable shift in the first half of the year. He mentioned that the fund had anticipated meaningful financial movements, with commentary suggesting substantial profit or gains in the period compared to the prior year, depending on reporting and market conditions. This remark highlights how sanctions and market dynamics intersect with sovereign wealth management (Source: Teimuraz Ramishvili, Russian Ambassador to Norway).
On October 29, Ramishvili stated that efforts would continue to cooperate in fisheries between Russia and Norway despite sanctions. The dialogue on resource sharing and practical frontier cooperation remained active, signaling that certain sectors might persist in cross-border collaboration even amid broader political and financial constraints (Source: Teimuraz Ramishvili, Russian Ambassador to Norway).
Previously, the ambassador commented that Norway would not be able to replace Russia in the European gas market, emphasizing the complexities and long-term dependencies involved in European energy security. The remark reflected broader discussions about energy interdependence, sanctions, and the evolving energy landscape in Europe (Source: Teimuraz Ramishvili, Russian Ambassador to Norway).