Norwegian Prime Minister Jonas Gahr Stoere contacted US Senator Lindsey Graham (R-SC) on Thursday in an effort to defuse tensions surrounding Norway’s sovereign wealth fund’s decision to divest from American construction giant Caterpillar, Reuters reported.
The $2 trillion fund, the largest of its kind globally, announced Monday that it had sold all its shares in Caterpillar over ethical concerns related to the company’s supply of bulldozers used by Israel in Gaza and Judea and Samaria. The divestment followed a recommendation from the fund’s Council on Ethics, a public body established by Norway’s Ministry of Finance to ensure companies meet ethical standards set by parliament.
Graham, a close ally of President Donald Trump and a staunch supporter of Israel, responded sharply to the move, warning that Norway could face U.S. trade tariffs or visa restrictions on fund managers.
“Your decision to punish Caterpillar, an American company, because Israel uses their product is beyond offensive,” Graham wrote on X, adding, “I would urge you to reconsider your shortsighted decision.”
According to State Secretary Kristoffer Thoner, the Prime Minister informed Graham via text message that the fund operates independently from the government and that decisions to exclude companies are made by the board of Norges Bank under an established framework. “This is not a political decision,” Thoner emphasized.
Graham confirmed receipt of the message, though his office did not immediately respond to further inquiries.
The Norwegian fund had previously announced on August 18 that it would divest from six companies as part of an ongoing ethics review related to the Gaza war and developments in Judea and Samaria. At the time, the fund declined to name the companies until the stakes were sold. The Council on Ethics had initially been scrutinizing Israeli banks for underwriting Israeli settlers' housebuilding commitments in the region.
The August 18 announcement came just a week after the fund sold stakes in 11 other Israeli firms.
The divestment campaign is gaining momentum in Norway ahead of the September 8th elections, with some political parties openly advocating for a full-blown boycott of all Israeli companies.
Despite calls from some parliamentarians, Norway’s legislature voted in June against a proposal to divest from all companies operating in what it refers to as “occupied Palestinian territories.”
The fund has already blacklisted 11 companies for assisting Israel's "occupation," most recently Israeli petrol station chain Paz and Israeli telecommunications company Bezeq.
No comments:
Post a Comment