Norway oil fund marks down Russia stocks by 87%
Country’s sovereign wealth fund moved equity holdings to lowest level of fair-value hierarchy
Norway’s oil fund, which in February pledged to fully divest its Russian holdings in response to Moscow’s invasion of Ukraine, ended the first half of the year holding onto most of those exposures, but slashed their fair value by 87%.
The fund, also known as the Government Pension Fund Global (GPFG), said it applied a downward adjustment to the fair value of Russian securities, based on the “estimated discount that market participants would demand to reflect the risk associated with the
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