Norwegian Oil Fund loses $74 billion in Q1

The loss of the Norwegian State Pension Fund, also known as the Oil Fund, amounted to NOK653 billion (about $74 billion) in the first quarter of 2022, Report informs citing TASS that the main reason is the difficult international situation.

"In the first quarter of 2022, the yield rate was - 4.9%, which corresponds to a loss of 653 billion krones," the fund said, adding that the "difficult geopolitical situation" led to the losses.

According to the Sovereign Wealth Fund Institute, Norway's Oil Fund ranks first in the world in terms of assets among similar financial institutions, its value is about 1.5 trillion dollars.

At the end of February, it became known about the freezing of the fund's investments in Russia and the withdrawal from the Russian market after the start of the hostilities in Ukraine. As of the end of 2021, its capital investments in Russia amounted to 2.7 billion euros.