The Norwegian Oil Fund has decided to freeze investments in Russia due to the situation in Ukraine, the kingdom’s Finance Minister Trygve Vedum said.

“The State Pension Fund is freezing investments in Russia and will eventually cancel them. We are doing this because we want to make it clear that what we have seen recently is unacceptable,” Vedum said at a press conference that was broadcast on the Internet.

He noted that at the beginning of the year, the fund’s investments in the Russian market amounted to NOK 25 billion.

Prime Minister Jonas Gahr Store said at the same press conference that the government had instructed Norges Bank (Norwegian Bank)freeze the investments of the Oil Fund in Russia. Norway will also send protective helmets and bulletproof vests to Ukraine, but is not yet ready to talk about sending weapons.