Norway to review its investments in Israeli firms in light of worsening situation in Gaza, West Bank

Norway’s finance minister said Tuesday that amid worsening developments in Palestine, he will request a renewed review of the country’s sovereign wealth fund investments in Israeli companies.

“In light of this (Gaza) case and the deteriorating situation in Gaza and the West Bank, I will today ask Norges Bank (Norway’s central bank) and the Ethics Council to conduct a renewed review of the fund’s investments in Israeli companies and the bank’s work on responsible management,” said Jens Stoltenberg.

He stressed that the purpose of the review is to ensure Norway’s Government Pension Fund Global, often referred to as the Oil Fund, is not financially linked to companies that may be complicit in violations of international law, NRK news reported.

“The aim is to ensure that the fund is not invested in companies that contribute to the illegal occupation of the West Bank and the war in Gaza, that is contrary to international law,” he added.

Rejecting international calls for a ceasefire, the Israeli army has pursued a brutal offensive on Gaza since Oct. 7, 2023, killing nearly 61,000 Palestinians, almost half of them women and children. The military campaign has devastated the enclave and brought it to the verge of famine.

Last November, the International Criminal Court issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu and his former Defense Minister Yoav Gallant for war crimes and crimes against humanity in Gaza.

Israel also faces a genocide case at the International Court of Justice for its war on the enclave.