Stoltenberg and the suspension of the Norwegian sovereign wealth fund's ethics rules

The Norwegian sovereign wealth fund, long considered a model of responsible investment, has decided to suspend its ethical rules for a year. This marks a turning point: restrictions on investments in companies implicated in human rights violations or weapons production have been lifted.

Jens Stoltenberg , currently Finance Minister but Secretary General of NATO until 2024, explained the decision before the Parliament in Oslo. He is the man who as a boy protested against the war in Vietnam and who is now trying to suspend ethical rules to limit the investments of the Norwegian sovereign wealth fund in companies linked to the war.

For ten years, he led the Atlantic Alliance through the wars of the 21st century. Now he finds himself leading a profound change, initiating a reversal of the ethical principles of the world's largest sovereign wealth fund.

“ The world has changed dramatically since the ethics guidelines were introduced ,” Stoltenberg stated dryly. “The rules need to be revisited.” He addressed his Labour majority.

Suspension of rules and international pressure

This decision is fueled by growing tensions between Oslo and Washington. The fund's ethical rules would have required it to review investments in American companies involved in Israeli military operations in Gaza and the West Bank .
Among these are giants such as Microsoft , Amazon and Google , which since 2021 have been participating in the controversial Project Nimbus , a technological cooperation program with Israel for the use of the cloud and artificial intelligence in the military field.

The fund's Ethics Council —an independent body established in 2004 to oversee investments—had already expressed concerns and recommended divestments from certain companies suspected of complicity in human rights violations. The most notorious case was that of Caterpillar , whose bulldozers are used to demolish Palestinian homes. When the fund decided to sell its Caterpillar shares for $2.4 billion in 2024, the United States reacted harshly. Some senators threatened trade and diplomatic retaliation, accusing Norway of "giving in to anti-Israel pressure."

The suspension of ethics rules, approved on November 4, 2025, now appears to be a response to those tensions.
For one year, the Ethics Council will no longer be able to propose exclusions from the portfolio, thus allowing the government to avoid divestments from American big tech companies and maintain the fund's financial stability.

An oil-based fund now facing war

The Government Pension Fund Global , better known as the Oil Fund , was created in 1990 to transform the wealth of North Sea oil into capital for the benefit of future generations.
With its $2.1 trillion in assets , it represents approximately $340,000 for every Norwegian citizen and holds 1.5% of all listed shares in the world.
In 2004, Norway chose to give itself an ethical soul, banning investments in nuclear weapons, landmines, tobacco and coal.

But now that same Norway, which had set a precedent for rigor and transparency, has decided to suspend the very rules that had guaranteed it international credibility in the investment field.

Stoltenberg between two worlds: NATO and global finance

Stoltenberg 's role is emblematic. After ten years at the helm of NATO, where he promoted the Alliance's military expansion and the growth of its defense budget, he returns to Norwegian politics and ushers in a shift that many interpret as a silent militarization of finance . His words, which call for a "review" of ethical criteria in a "radically changed" world, evoke the idea of ​​a new era: one in which the boundaries between economics and war are becoming increasingly blurred.

Norway, once a model of diplomacy and mediation, now appears to be aligning itself with Western strategic thinking, including on the economic level. The suspension of ethical rules isn't just a technical issue: it's a political signal that shows how the global financial system is becoming an integral part of contemporary conflicts.

Ethics suspended, trust in the balance

The oil-fueled fund designed to secure Norway's future now risks losing its greatest asset: trust.
The choice of Stoltenberg and the minority government led by Jonas Gahr Støre could in fact undermine the reputation built over twenty years of responsible investments.
It remains to be seen whether this temporary suspension will truly be just a parenthesis or whether it represents, more profoundly, a paradigm shift : one in which war, direct or indirect, is once again accepted as a legitimate source of profit.