Norway reprimands US Senator Lindsay Graham over $2T fund criticism
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Norway's PM rebuffs Lindsey Graham's criticism after the sovereign wealth fund divested from Caterpillar and Israeli banks over Gaza-related concerns.
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US Senator Lindsey Graham speaks at a press conference in Tel Aviv, occupied Palestine, Thursday, Aug. 28, 2025 (AP)
The Norwegian Prime Minister's office firmly rebuffed US Senator Lindsey Graham's angry outburst over its sovereign wealth fund's divestment from Caterpillar Inc., stating unequivocally that the government has no control over the fund's independent investment decisions.
A spokesperson for the prime minister's office stated that Premier Jonas Gahr Store sent a text message to Graham, which included information about the fund’s mandate and how its oversight is set up, and received confirmation that it was received.
Norway’s $2 trillion sovereign wealth fund, which held roughly $2.1 billion in Caterpillar shares as of June 30, announced this week that it had divested its holdings in the company due to "Israel's" use of its bulldozers to destroy Palestinian property in Gaza and the occupied West Bank.
Earlier this week, in two social media posts on X, the Republican Senator lashed out at the $2 trillion sovereign wealth fund, which is the world's largest, threatening tariffs and visa denials because of its recent divestments from the Texas-based firm.
Lindsey Graham rebukes Norway over its boycott of 'Israel'
In a two-part statement, Graham first promised that the fund’s “BS decision” would have consequences, then spoke specifically about implementing tariffs and possible visa denials, noting that the Trump administration had already placed a 15% tariff on imports from Norway while the two nations remain engaged in trade negotiations.
The reaction from the US lawmaker came at a delicate time for the fund and for the Norwegian government, as Norway is set to hold parliamentary elections on Sept. 8 and the fund has been under pressure to divest from Israeli companies contributing to the war in Gaza.
In addition to its divestment from the heavy machinery company, the Norwegian fund announced it excluded five Israeli banking institutions which are: Hapoalim, Bank Leumi, Mizrahi Tefahot Bank, First International Bank of Israel, and FIBI Holdings.
The decision followed recommendations from the fund’s ethics watchdog, the Council on Ethics, which concluded that there was an unacceptable risk of these institutions and Caterpillar contributing to serious rights violations in situations of war and conflict.
