Norway's wealth fund divests from Israeli and Russian firms

The sovereign wealth fund of Norway, the largest such institution in the world, has pulled its holdings from one Israeli and one Russian group. Norway's central bank, which manages the fund of around $1.8 trillion (€17.15 trillion) in assets, confirmed the decision late on Tuesday.

The Israeli company in question is telecoms group Bezeq, which has been accused of providing service to settlements in the West Bank that are considered illegal under international law.

Norway's Council of Ethics, a board that advises the weath fund, said it had received a statement from Bezeq noting that the company also provides communications to Palestinians in the West Bank.

The Council said however that this does not "outweigh the fact that the company, through its physical presence and provision of telecom services to Israeli settlements in the West Bank, is helping to facilitate the maintenance and expansion of these settlements."

"By doing so, the company is itself contributing to the violation of international law."

Russian steel shares sold

The fund is also selling its stake in Evraz, a Russian steel company with international reach.

By selling steel to the Russian Defense Ministry, the company is helping "Russia to continue its unlawful war of aggression against Ukraine", the Council said, adding that the company had failed to answer "numerous" requests for information.

Norway's sovereign wealth fund, which comes from its oil and gas revenues, is the world's biggest single investor. It has holdings in some 8,800 companies in 71 countries.

es/rc (AFP, Reuters)