Norway's Wealth Fund Divests from Bezeq Over Ethical Concerns

Norway's sovereign wealth fund divested from Bezeq due to its role in providing telecom services to illegal Israeli settlements in the West Bank. The decision was based on a revised ethical standard by the Council on Ethics, highlighting Bezeq's contribution to the violation of international law.

Norway's sovereign wealth fund, the largest in the world, has announced the sale of its shares in Israel's Bezeq Telecom. The decision aligns with a new ethical guideline set by the Council on Ethics, which advises against investing in companies that support operations in occupied Palestinian territories.

Bezeq, Israel's leading telecom provider, plays a key role in maintaining Israeli settlements in the West Bank by offering telecom services. The Council on Ethics claims that this assistance contributes to breaches of international law, despite Bezeq's provision of services to Palestinian areas.

The council's recommendations influence Norway's central bank board's investment decisions. The bank has followed the advice of its ethics watchdog by divesting from Bezeq, citing ethical concerns over the company's operations in the occupied territories.

(With inputs from agencies.)