Norway’s sovereign wealth fund, the largest in the world, sold all its shares in the Israeli operator Bezeq, as it provides telecommunications services to Israeli settlements in the occupied West Bank, as reported late Tuesday.
The decision to divest comes after the fund’s Ethics Board adopted a new, stricter interpretation of rules for companies that assist Israel’s operations in the occupied Palestinian territories.
The $1.8 trillion fund has been an international leader in the field of environmental, social and governance investing. It owns 1.5% of the listed shares of 8,700 companies around the world, and its size comes with influence.
It is the latest decision by a European financial institution to reduce its ties with Israeli or Israeli-linked companies, as pressure mounts from foreign governments to end the war in Gaza.
Bezeq, Israel’s largest telecommunications group, declined to comment.
“The company, through its physical presence and the provision of telecommunications services to Israeli settlements in the West Bank, is helping to facilitate the maintenance and expansion of these settlements, which are illegal under international law,” the agency said. control of the fund in its divestment recommendation.
“By doing so, the company itself is contributing to the violation of international law,” he added.
The watchdog noted that the company stated that it provides telecommunications services to Palestinian areas of the West Bank, but that this does not compensate for the fact that it also operates in Israeli settlements.
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