Storebrand excludes Russian companies

Written by Adam Cadle

01/03/2022

Storebrand is freezing all Russian investments and sell out of Russia, due to the escalating situation in Ukraine.

The decision, which enters into force imemdiately, means that Storebrand excludes 19 companies worth approximately NOK 1.4bn. The exclusions are based on human rights violations, the introduction of sanctions from the international community and the Norwegian government's decision that the Petroleum Fund will sell out of the country.

Storebrand said it believes there are good reasons to exlude government bonds pledged by the Russian state in light of violations of international law. It has also exluded several companies that are considered to have strong state influence and companies where there is a great risk that they contribute directly or indirectly to violations of international law.

Jan Erik Saugestad, executive vice president, asset management at Storebrand, said: "We are deeply concerned about the situation and not least the human siffering of those affected in the region. The excalating situation will have far-reaching implications for the world community and the world economy for a long time to come."

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