Norway's Wealth Fund Resists Boycott Amidst Israeli-Palestinian Tensions

Norway's parliament is expected to dismiss activists' demands to direct its $1.8 trillion sovereign wealth fund to cut ties with companies operating in the occupied Palestinian regions, per a source familiar with the deliberations. The finance committee has determined that only those businesses directly violating international law will face exclusion from the fund.

The International Court of Justice deemed Israel's occupation illegal, a ruling Israel opposed. At present, the wealth fund adheres to ethical standards set by the parliament, having already barred 11 firms supporting the occupation. Recent geopolitical tensions have intensified calls for divestment from Israel-affiliated entities.

However, the finance committee concluded no outright ban on Israeli or multinational firms is warranted unless they are complicit in legal infractions. The decision reflects a nuanced interpretation of guidelines, allowing generic product sales to remain unaffected. This stance will be reviewed in a parliamentary session on June 4, with potential implications for global investment practices.

(With inputs from agencies.)