Norway's Ethical Divestment: Sovereign Fund Exits Israeli Telecom

Norway's sovereign wealth fund has divested its shares in Israel's Bezeq, citing ethical concerns due to Bezeq's services to settlements in the occupied West Bank. The fund's decision, influenced by its ethics watchdog, reflects a more stringent interpretation of ethical standards and increasing international pressure regarding operations in Palestinian territories.

Norway's sovereign wealth fund, the world's largest, has announced the sale of all its shares in Israeli telecom giant Bezeq. The decision was guided by ethical concerns due to Bezeq's involvement in providing telecommunication services to Israeli settlements in the occupied West Bank.

This move comes after Norway's ethics watchdog adopted a stricter stance on ethical practices for companies operating in contested territories. The fund's action mirrors broader European financial strategies aiming to sever ties with businesses linked to Israeli operations amid growing international pressure to resolve the conflict in Gaza.

While Bezeq declined to comment on the divestment, sources underscored the small impact on the company's stock. This development underscores the ethical dilemmas surrounding business activities in regions under international dispute.

(With inputs from agencies.)