The Norwegian government said on Tuesday that it would examine the investment of its sovereign fund in Israel after the first newspaper in the Scandinavian country revealed that the fund of nearly 2 dollars had a participation in an Israeli company helping the War of Israel in Gaza.
The newspaper, AftenPosten, identified the company as the Bet Shemesh Engines LTD (BSEL) group, which provides parts to Israeli fighter planes which are deployed in its devastating war against Gaza.
In recent weeks, famine deaths induced by the Israelis have caused a global outcry, Western countries increasing the pressure on Israel to end the war which killed more than 60,000 Palestinians and ravaged Gaza – which houses 2.3 million people.
More than 200 people died of famine while Israel hindered the entry of humanitarian aid despite its so-called “tactical break” in its almost two years of war.
So, what does Norway say, and the Israeli atrocities in Gaza and the rest of the occupied Palestinian territory go to public opinion against it?
What did Norwegian leaders say?
Norwegian Prime Minister Jonas Gahr Stoere said investment in Israeli society was “worrying”. “We must obtain clarifications on this subject because reading on this subject makes me uncomfortable,” said Stoere to the NRK public broadcaster.
The Minister of Finance, Jens Stoltenberg, who manages the world’s largest fund, ordered the Central Bank to examine the portfolio of funds to ensure that Israeli companies helping the occupation of the West Bank or the war in Gaza are prohibited from investments.
“The war in Gaza is contrary to international law and causes terrible suffering, it is therefore understandable that questions are raised on the investments of the fund in Bet Shemesh engines,” said Stoltenberg, former NATO chief, referring to increasing public and political pressure.
The decision occurred for weeks after the Parliament of Norway rejected a proposal so that the fund exceeds all companies with activities of the occupied Palestinian territory.
“In the light of … The deterioration situation in Gaza and in the West Bank, I will today ask Norges Bank and the Ethics Council to carry out a renewed examination of the fund’s investments in Israeli companies and the work of Norges Bank on responsible management,” said Stoltenberg. The Norges bank is the Central Bank of Norway.
The independent ethics council, which provides companies on companies, should be prohibited from the oil fund portfolio, since 2009 has suggested the exclusion of nine Israeli groups.
How many investments is at stake?
Norges Bank, which manages the wealth fund of $ 1.9 billion, took a 1.3% stake in Bsel in 2023 and brought this to 2% by the end of 2024, holding shares worth 15 million dollars, according to the latest NBIM files available.
The fund held stocks in 65 Israeli companies at the end of 2024, worth $ 1.95 billion, according to its files.
The value of his participation was more than four times higher than it was at the end of 2023, shortly after the attack on October 7, 2023 led by Hamas which sparked the war. At least 1,139 people were killed in this attack.
The sovereign fund, which has participations in 8,700 companies around the world, has sold its participations in an Israeli energy company and a telecommunications group in the past year, and its ethical council said it was examining whether it should recommend assets in five banks.
In May, the sovereign fund decided to decline in retail and Paz energy in Israel for its involvement in the supply of infrastructure and fuel to illegal Israeli establishments.
In December 2024, the fund sold all its actions of the Israeli company, Bezeq, for its services provided to the illegal colonies, which are considered to be the greatest obstacles to the realization of a sovereign Palestinian State within the framework of the so -called two -state solution.
In addition, Norway’s largest retirement fund has decided to break its links with companies doing business with Israel.
KLP, which manages a fund worth around 114 billion dollars, said in June that it would no longer deal with two companies – the US Oshkosh Corporation and Thyssenkrupp in Germany, which sell equipment to the Israeli army which is perhaps used in the war in Gaza.
According to the pension fund, he had investments worth 1.8 million dollars in Oshkosh and nearly $ 1 million in Thyssenkrupp until June 2025.
Last year, KLP was also sold by Caterpillar based in the United States, which made bulldozers.
What other funds and companies have broken the links with Israel?
The French AXA insurance giant last August would have given in to its remaining investments in Israeli banks to finance illegal regulations, according to a report by the Defense Group EKO.
The Norwegian Asset Manager Storebrand has also sold actions in certain Israeli companies.
This decision was made after a campaign supported by human rights groups, which underlined the violations of Israeli rights against the Palestinians in Gaza and in the West Bank.
Another major Denmark retirement fund, its largest, sold from several Israeli banks and companies last February to fear that the investment will be used to finance illegal Israeli establishments.
The fund has sold its shares and stocks up to 75 million krone ($ 7.4 million) in value.
Last month, the Irish sovereign heritage fund sold shareholdings worth more than a million euros (1.2 million dollars) of two accommodation companies linked to the Israeli colonies. The two companies were identified as Expedia Group and Tripadvisor, according to media relationships.
The Irish government, which was expressed against the War of Israel against Gaza, abandoned 2.95 million euros ($ 3.43 million) in actions of six other Israeli companies.
In the midst of the pressure of militants and militants of the boycott, divestment and sanctions (BDS), several companies were forced to break ties with Israel. The Maersk expedition giant was forced to break the links with companies related to illegal Israeli colonies in the occupied West Bank in June.
BDS, a basic organization inspired by the anti-apartheid movement of South Africa, calls for economic pressure on the Israeli government to end its occupation of Palestinian land.
Several of the largest financial companies in Europe have reduced their links with Israeli companies or those who have links with the country, an analysis of documents of documents, depending on the pressure of activists and governments to end the war in Gaza.
What countries have taken measures against the genocidal war of Israel against Gaza?
Colombian President Gustavo Petro, in July, prohibited coal exports to Israel until the genocide stops. “We cannot make it possible to transform Colombian coal into bombs that help Israel kill children,” said leftist president.
He also undertook to cease any exchange of weapons with Israel. Under Petro, Colombia has helped to set up the Hague group of 12 countries aimed at putting pressure on Israel to end its war against Gaza and the occupation of the Palestinian territory.
The government of the leftist coalition of Spain in June canceled a contract for the anti -tank missiles of the Israeli company Rafael for war atrocities in Gaza. The decision will affect an agreement of value estimated at 285 million euros ($ 325 million).
A few months earlier, Spain interrupted a controversial agreement of $ 7.5 million to buy ammunition from an Israeli company, following criticism from the distant allies in the coalition government.
Madrid also called for sanctions and an embargo on arms on Israel during his Gaza War.
Several Western countries have sanctioned Israeli settlers in the West Bank in the midst of record violence against the Palestinians.
In July 2024, Australia sanctioned the Israeli colonists, joining France, the United Kingdom.
The penalty has taken place after the International Court of Justice (ICJ) issued a non -binding opinion according to which all Israeli settlement activities on Palestinian land is illegal and must stop as soon as possible.
In June, Australia, Canada, New Zealand, Norway and the United Kingdom officially sanctioned the Israeli farm ministers, Itamar Ben-Gvir and Bezalel Smotrich, for “incitement of violence” against the Palestinians in the West Bank and Gaza occupied.
The same month, Spain, Ireland and Slovenia called for the suspension of the EU-Israel agreement. Sweden also asked the European Council to adopt sanctions “against Israeli ministers who promote illegal settlement activities and actively work against a solution negotiated with two states”.
The EU provides millions of dollars in Israel as the European Horizon research projects, while Western leaders defended Israel for its war atrocities in Gaza and also protected it from the United Nations resolutions criticizing its abuses.
Western countries have also been criticized for not having arrested Israeli Prime Minister Benjamin Netanyahu and former Yoav Gallant Defense Minister, who faced mandates from the International Criminal Court for War Crimes in Gaza.
Last month, the United Nations Special Rapporteur on the Human Rights situation on the occupied Palestinian territory, Francesca Albanian, published a new report mapping the companies that helped Israel in the displacement of the Palestinians and his genocidal war against Gaza, in violation of international law.