(Bloomberg) -- Norway has asked the central bank to come up with a plan by March 15 to remove Russian assets from its $1.3 trillion sovereign wealth fund.
After ordering that the fund’s investments in Russia be frozen, the finance ministry has asked Norges Bank to prepare a proposal for the implementation of the sale, including dates for adjusting the benchmark index and changes in the investment universe, according to a letter from the ministry. The timeline could be shortened if the situation changes significantly, it said.
The Oslo-based fund is the world’s biggest owner of publicly traded companies with a portfolio of about 9,000 stocks. The government announced late on Sunday a decision to drop Russian assets from the fund in response to the country’s invasion of Ukraine.
With Russia on Monday announcing a ban on selling shares on the Moscow Stock Exchange, it may take time to complete the sale, the ministry said. The sale must take place within the current sanctions, which are legally binding.
The decision covers Russian financial instruments, real estate, infrastructure and cash holdings, and also means that the Russian stock market will be removed from the benchmark, the ministry said.
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