Norwegian sovereign fund still holds shares in 46 Russian companies worth €124 million
Norway's Government Pension Fund Global, the world's largest sovereign wealth fund with assets totalling €1.9 trillion, as of 31 December 2025 still owns shares in 46 Russian companies listed on the Moscow Exchange, valued at €124 million, reports The Barents Observer.
The fund's largest holdings include shares in Sberbank worth €37 million (0.78% of the company) and Lukoil at €30 million (0.87%). The portfolio also includes Gazprom, Gazprom Neft, Novatek, Bashneft, Surgutneftegas, ALROSA, as well as 0.47% of the social network VKontakte. This indicates that the Norwegian fund maintains significant investments in Russian businesses despite political and economic restrictions.
Going forward, the fund’s involvement in Russian companies is likely to remain a focal point for investors and regulators, especially given ongoing geopolitical risks and sanctions.
