Norway’s sovereign fund lost almost 10 percent on Russian government bonds in 1Q 2014 but it’s not eager to sell them off.

      According to Vedomosti, Government Pension Fund Global (GPFG), the world’s biggest sovereign wealth fund reported a 9.7 percent loss in the first quarter this year due to depreciation of Russian securities amid a deteriorating geopolitical situation.

      GPFG was established in 1990 as a fiscal policy tool to underpin long-term considerations in the phasing in of petroleum revenues into the Norwegian economy. Long-term, sound management of the Fund helps to ensure that both present and future generations can benefit from Norway’s petroleum wealth.

      Russia has sparked a wave of criticism after it incorporated Crimea into its territory following a referendum on the peninsula with a large ethnic Russian population.

      The US and the EU imposed a raft of sanctions on Russian officials and individuals with close ties to the Kremlin. The US also put space and military cooperation on hold, followed by some of its NATO allies, including the UK.

      The US sanctions have encountered a vigorous response from the Russian Foreign Ministry which came up with a black list of its own.