Norway to lift ban on wealth fund investments in Syrian bonds, document shows

Norway is lifting the ban on investments in Syrian government bonds by its $2.2 trillion wealth fund, in a further sign of the Middle Eastern country's re-entry into global finance after the ousting of former Syrian president Bashar al-Assad. At the same time, the Nordic country is planning to forbid the world's largest sovereign wealth fund from investing in Iranian government bonds in something of a symbolic move, given the hefty sanctions already placed on Iran.

The decision revealed in a previously unreported government document signals support for the government of Syrian President Ahmed al-Sharaa, which took power in late 2024. Al-Sharaa has been seeking to rebuild state institutions, the economy, and international trade after more than a decade of war, sanctions, and financial isolation. The most stringent U.S. sanctions were lifted in December.

“

The Ministry ... informed that a new assessment has been made of which states are covered by the government bond exemption.

The Norwegian wealth fund invests the state's revenues from oil and gas production in stocks, bonds, property, and renewable energy projects abroad. Currently, 26.5% of its investments are held in fixed income, mostly in the United States, Japan, and Germany. The Norwegian government forbids the fund from investing in certain government bonds. But the list is changing, according to an internal document released to Reuters in response to a freedom of information request.

"The Ministry ... informed that a new assessment has been made of which states are covered by the government bond exemption," said the minutes of a January 28 meeting between the finance ministry and the fund's ethics watchdog. "Iran is included on the list of countries covered by the government bond exemption, and Syria is removed." The latest government white paper on the fund, presented to parliament on March 27 and yet to be debated, said the current exclusion list for government bonds includes Iran, North Korea, Russia, and Belarus. By contrast, the 2025 white paper said the exclusion list affected North Korea, Syria, Russia, and Belarus. Both white papers say the government makes regular assessments of the exclusion list in relation to international sanctions in force at the time. The finance ministry did not respond immediately to a request for comment.

“

Iran is included on the list of countries covered by the government bond exemption, and Syria is removed.