Norwegians are not allowed to buy or sell new bonds, equity or similar financial instruments with a maturity exceeding 90 days issued by Sberbank. This follows the European Union’s sanctions from 2014 after Moscow’s annexation of Crimea and destabilizing the situation in Eastern Ukraine.
Norway follows the EU sanctions word-by-word.
The sanctions, however, do not hinder Norway’s Government Pension Fund Global, known as the wealth fund, to buy more shares in Sberbank.
The fund increased its share in the bank from 0,77% in 2019 to 0,83% in 2020.
The shares owned by the Norwegian wealth fund had a value of 6 billion kroner (€579 million) by December 31, 2020.
© Barents Observer