Russia is the country where the Oil Fund lost most of last year. Fund set loaded with Russian government debt when it narrowly, writes DN.
The war in Ukraine, ruble collapse and stock market decline affected both Russia and the Oil Fund sharply.
The market value of Oil Fund’s holdings of stocks and bonds declined by around 17 billion, according to estimates DN made based on the fund’s holdings lists.
– The explanation for the decline in value is mainly declines and a weakened currency, writes a communications Line Aaltvedt Norges Bank Investment Management, which manages the Oil Fund, in an email to the newspaper.
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