(Bloomberg) -- The frozen Russian assets at Norway’s $1.3 trillion sovereign wealth fund are likely to include stakes in Gazprom PJSC, Sberbank of Russia PJSC and Lukoil PJSC, according to a disclosure of its holdings as of year end.
The wealth fund’s biggest Russian holding at the end of 2021 was Gazprom, worth about $932 million at the time, equal to 0.86% of the company, according to documents posted on its website on Wednesday. The fund was invested in 51 Russian companies at the end of December.
Norway decided to drop Russian assets from the fund in response to the country’s invasion of Ukraine, and asked the central bank to come up with a plan by March 15 on how to remove the investments. The Oslo-based fund is the world’s biggest owner of publicly traded companies with a portfolio of about 9,000 stocks.
The fund’s other top-five Russian holdings included 0.75% of Sberbank, 0.73% of Lukoil, 0.13% of Novatek PJSC and 1.19% of EN Group International PJSC.
The fund also had a 3.24% stake at the end of last year in French energy producer TotalEnergies SE, which has decided not to exit Russia contrary to its peers including BP Plc and Shell Plc. The fund isn’t commenting on its holdings until Thursday, when it plans to hold a news conference on its 2021 disclosures.
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