Norway’s sovereign wealth fund on Tuesday reported a record loss of 1.64 trillion Norwegian kroner ($164 billion) for all of 2022, citing “very unusual” market conditions, CNBC reported.

The so-called Government Pension Fund Global, one of the world’s biggest investors, returned -14.1% last year, which it said was 0.88 percentage points better than the return of its benchmark index.

“The market was affected by the war in Europe, high inflation and rising interest rates. It had a negative impact on both the stock market and the bond market at the same time, which is very unusual,” said Nikolaj Tangen, CEO of Norges Bank Investment Management, in a statement.

He also noted that all sectors on the stock market had negative returns, except for energy.

The fund’s previous biggest loss was 633 billion crowns in 2008 amid the global financial crisis.

The $1.3 trillion fund was created in the 1990s to invest surplus revenues from Norway’s oil and gas sector.

To date, the fund has invested in more than 9,300 companies from 70 countries.

Norway’s huge oil and gas reserves in the North Sea are the foundation of the fund’s wealth.

The country’s high revenues from the use of fossil fuels against the backdrop of Russia’s war in Ukraine have sparked passionate debates about international justice.

Opposition lawmakers, Norway’s leading economists and even the country’s energy industry titans have called on the government to set an example to the world by pouring its oil surpluses into a new international solidarity fund.

The Ministry of Foreign Affairs of Norway stated that it is fully aware of the responsibility that the country’s energy resources carry with it.