Norway's $810 billion Government Pension Fund, also know as The Oil Fund, announced today that it was excluding two Israeli companies, Africa Israel Investments and its construction subsidiary,  Danya Cebus, from the fund due to "contribution to serious violations of individual rights in war or conflict through the construction of settlements in East Jerusalem."

East Jerusalem, the West Bank (including the Jordan Valley), the Golan Heights, and Gaza are not Israeli territory;  Israeli settlement there is illegal under international law. A war crime, actually, under the Fourth Geneva Convention.

The fund's purpose is to invest parts of the surplus generated by Norway's vast petroleum reserves. It's investment decisions are guided by the fund's Advisory Council on Ethics.

The fund...is not allowed to invest in firms involved in severe environmental damage, "serious and systematic human rights violation", such as forced labour, the worst forms of child labour, murder or torture.

The fund also announced that it was divesting from the Indian company, Sesa Sterlite, on environmental grounds.

In addition, following the lifting of international sanctions on Myanmar, the fund is allowed to buy sovereign bonds from that country. However, the fund is now not allowed to buy bonds issued by Iran, North Korea or Syrian, because of international sanctions.

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