Norway’s sovereign wealth fund has sold its shares in 11 Israeli companies, citing the worsening humanitarian situation in Gaza. The decision was announced by Norges Bank Investment Management, which oversees the $2 trillion Oil Fund.
The fund, which invests Norway’s oil and gas revenues globally, said it will now directly manage all Israeli investments and terminate contracts with external managers operating in the country. As of mid-2025, the fund held stakes in 61 Israeli firms, but the latest move targets companies outside the Finance Ministry’s equity benchmark index. The specific companies were not disclosed.
CEO Nicolai Tangen stated that the measures were taken in response to extraordinary circumstances and that the fund would increase due diligence in light of the ongoing war. The restructuring is intended to simplify management and reduce the number of companies monitored by the fund’s ethics council.
Norway has previously blacklisted companies for involvement in activities linked to Israel’s occupation, and earlier this year, it joined other European nations in signaling recognition of a Palestinian state.