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**Norway Defends Caterpillar Divestment Amid US Senator’s Threat of Retaliation**
OSLO, Norway – Norway’s Prime Minister Jonas Gahr Stoere has contacted U.S. Senator Lindsey Graham in an effort to de-escalate a brewing controversy after the Norwegian sovereign wealth fund, the world’s largest, divested from American construction equipment giant Caterpillar.
The fund, valued at $2 trillion, cited ethical concerns over Caterpillar’s supply of bulldozers to Israel, which are allegedly used in the Gaza Strip and West Bank. This decision has drawn sharp criticism from Senator Graham, a staunch ally of former President Donald Trump.
Graham took to X, formerly Twitter, to condemn the move, calling it “offensive” and warning Norway of potential trade tariffs and visa restrictions for the fund’s managers if the decision is not reconsidered. “Your decision to punish Caterpillar, an American company, because Israel uses their product is beyond offensive,” he wrote.
In response, Prime Minister Stoere’s office confirmed that the Prime Minister sent a text message to Senator Graham explaining that the decision to divest was made independently by the board of Norges Bank, the country’s central bank that manages the fund, based on recommendations from the fund’s Council on Ethics. The Council is a public body responsible for ensuring that companies in the fund’s portfolio meet ethical guidelines set by the Norwegian parliament.
“The decision to exclude companies is an independent decision made by the board of Norges Bank, in accordance with the established framework,” stated State Secretary Kristoffer Thoner. “This is not a political decision.”
The Norwegian sovereign wealth fund, fueled by oil and gas revenues, holds approximately 52% of its assets, exceeding $1 trillion, in the United States, including equities, Treasuries, and real estate. The fund is invested in roughly 8,400 companies globally, owning 1.5% of all listed stocks.
Some observers have raised concerns about potential risks to the fund’s U.S. assets, such as seizure or forced debt swaps, in light of unpredictable economic policies under a potential new Trump administration. While the fund’s CEO, Nicolai Tangen, dismissed such risks earlier this year, Graham’s strong reaction to the Caterpillar divestment has reignited those anxieties.
Senator Graham’s office has not yet responded to requests for comment. The situation remains tense, with the future of Norwegian-U.S. economic relations potentially at stake.
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