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Norway's Sovereign Wealth Fund Divests from Caterpillar Amid Controversy
ByAinvest
Wednesday, Sep 3, 2025 10:22 am ET1min read
Senator Lindsey Graham will urge the US administration to restrict visas for Norwegian sovereign wealth fund executives after it divested from Caterpillar citing Israel's use of the company's bulldozers in Gaza and the West Bank. Graham has criticized the fund's decision and threatened visa denials. Norway's Prime Minister Jonas Gahr Store has responded, defending the fund and denying wrongdoing. The US State Department is in contact with Norway over the issue.
US Senator Lindsey Graham has urged the US administration to restrict visas for Norwegian sovereign wealth fund executives following the fund's decision to divest from Caterpillar Inc. The move was based on ethical concerns related to the Israeli military's use of Caterpillar's bulldozers in Gaza and the West Bank [1].Graham, a close ally of President Donald Trump, criticized the Norwegian sovereign wealth fund's decision and threatened visa denials for the fund's managers. The fund, managed by Norges Bank Investment Management, cited ethical guidelines set by the Norwegian parliament as the reason for the divestment [2].
Norway's Prime Minister Jonas Gahr Store has responded to Graham's call, defending the fund and denying any wrongdoing. The Norwegian government has contacted Graham to try to defuse the controversy [3]. The US State Department is also in contact with Norway over the issue [4].
The Norwegian sovereign wealth fund, the world's largest, holds about 52% of its assets in the US, including equities, Treasuries, and real estate. The fund's divestment from Caterpillar follows a pattern of ethical exclusions, such as companies involved in land mines or climate risks [2].
The US already has a 15% tariff in place on imports from Norway while trade talks continue. Graham's proposal, if implemented, would further escalate trade tensions between the two countries [1].
References:
[1] https://www.bloomberg.com/news/articles/2025-08-28/trump-ally-floats-tariffs-on-norway-over-caterpillar-divestment
[2] https://www.investing.com/news/stock-market-news/norways-sovereignwealth-fund-divests-from-caterpillar-and-five-israeli-banks-93CH-4210402
[3] https://www.timesofisrael.com/norway-seeks-to-fend-off-us-scrutiny-after-divesting-from-caterpillar-to-protest-israel/
[4] https://www.nation.com.pk/01-Sep-2025/norway-seeks-to-defuse-clash-with-trump-ally-over-fund-s-caterpillar-exit
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