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Norway Orders Ethics Review of Sovereign Wealth Fund’s Israeli Holdings

Støre cited potential violations of international law in investments tied to the Gaza conflict.

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Israel National News
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Overview

  • Prime Minister Jonas Gahr Støre has directed a full review of all Israeli holdings in Norway’s $2 trillion fund to ensure compliance with ethical guidelines.
  • Fund CEO Nikolai Tangen confirmed that the Bet Shemesh Engines stake, which grew more than fourfold to $15.2 million, will be reassessed after revelations about the company’s role in maintaining Israeli warplanes.
  • The sovereign wealth fund held $2.1 billion in 65 Israeli firms at the end of last year, marking a 45 percent increase since December 2023 and reviving scrutiny over military suppliers.
  • Norway’s Green Party has branded the investments “disgusting, totally unacceptable and unforgivable” and is demanding Tangen’s resignation amid sustained public and political backlash.
  • UN-backed experts warn of a looming famine in Gaza, heightening pressure on Norway to align its state-backed investments with humanitarian principles.