Norway oil fund managers and government officials are facing a formal complaint after the Palestine Committee in Norway (Palestinakomiteen) accused Norges Bank, the fund’s manager NBIM, and the Ministry of Finance (Finansdepartementet) of complicity in war crimes through investments linked to Israel’s military campaign in Gaza and activities in occupied territory.
Complaint sent to Norway’s special prosecutors
According to Aftenposten, the Palestine Committee submitted a detailed complaint to the National Authority for Investigation and Prosecution of Economic and Environmental Crime (NAST) on 6 January 2026. The filing reportedly names both institutions and individuals, including NBIM chief executive Nicolai Tangen and current and former finance ministers, in relation to decisions and oversight around the fund’s portfolio.
The committee argues that Norwegian authorities have a duty to ensure the fund is not invested in companies that contribute to serious violations of international law. Its deputy chair, Kjell Stephansen, told Aftenposten that the complaint is “thoroughly documented” and based on assessments drawing on the United Nations, the International Court of Justice (ICJ) and Norwegian criminal law.
Norway’s central bank and the oil fund declined to comment to Aftenposten, while the Ministry of Finance said it was not aware of the complaint and had no comment.
What the complainants say the oil fund invested in
Aftenposten reports that the complaint lists companies the committee considers to have directly or indirectly supported Israel’s military operations or benefited from them, including firms involved in aircraft maintenance, defence-related supply chains, and business activity connected to the occupied West Bank.
The filing also refers to previous investigative reporting by Aftenposten on investments in Bet Shemesh Engines, an Israeli company that services aircraft used by the Israeli air force. After that coverage, Prime Minister Jonas Gahr Støre publicly asked for a full review, and the fund later sold its stake in the company, according to the same reporting.
Norway oil fund governance and ethical screens
The oil fund is formally the Government Pension Fund Global (GPFG), owned by the Norwegian state and managed by Norges Bank Investment Management (NBIM) under a mandate set by the Ministry of Finance. In its latest published quarterly update, NBIM reported the fund’s value at NOK 20,440 billion (about €1.74 trillion) as of 30 September 2025. In practice, the framework combines financial objectives with an ethics regime that can lead to observation, engagement, or exclusion of specific companies.
Until November 2025, Norges Bank’s Executive Board took decisions on company exclusions and observation based on recommendations from the Council on Ethics, appointed by the Ministry of Finance. Under temporary ethical guidelines introduced while Norway reviews the framework, the Council on Ethics continues to monitor holdings and inform Norges Bank about companies for potential ownership activities, but Norges Bank is not to make new exclusion or observation decisions during the interim period.
A broader legal backdrop: UN findings and ICJ provisional measures
The complaint arrives amid sustained international legal scrutiny of the war in Gaza. The ICJ has issued multiple orders on provisional measures in the case brought by South Africa under the Genocide Convention, requiring Israel to take steps to prevent acts that could fall under the Convention and to enable humanitarian assistance, while the case proceeds.
In September 2025, a UN Human Rights Council Commission of Inquiry published a legal analysis stating that Israeli authorities and forces were responsible for a range of serious violations, and it used the term “genocide” in its conclusions. Israel has rejected the allegation and disputes the commission’s findings.
The Palestine Committee’s complaint points to this type of documentation to argue that risks linked to specific companies were foreseeable and should have triggered earlier action by the fund and its overseers.
