September 4, 2025, New York, NY – The American Jewish Congress (AJCongress) strongly condemns the decision by Norway’s sovereign wealth fund to divest from Israeli companies and to target Caterpillar, a U.S. company, because its products are used by Israel.
The AJCongress will not allow this boycott to go quietly. The fund wants us to believe this is ‘ethical investing’. But this is economic warfare – against Israel, America, and the global standards of fair commerce.
The United States is ‘very troubled’ by Norway’s move and is engaging Oslo directly. Washington has options, from tariffs to visa restrictions—real consequences, as echoed by Senator Lindsey Graham and other lawmakers.
While divesting from Israeli and American firms and banks, Norway’s fund has maintained exposure over the years – and possibly even now – to companies with links to regimes guilty of mass repression and aggression, including Iran.
The hypocrisy runs deeper. Norway relies on U.S. and Israeli defense technology to protect itself and NATO allies. Yet its wealth fund wants to penalize American companies simply because their products support Israel’s security. This is not principle. It is bias, plain and simple.
“Norway’s sovereign wealth fund has chosen to punish Caterpillar for one reason: Israel uses its products,” said AJCongress President Daniel Rosen. “That is not ethics. It is discrimination against Israel and an attack on America’s industrial base. If Caterpillar today, what U.S. defense, tech, or aerospace company tomorrow?”
The timing, just ahead of Norway’s elections, shows this decision is more about politics than principle. Singling out Israel while Hamas still holds hostages rewards terrorism and undermines the international fight against extremism.
“Norway’s fund cannot masquerade as ethical while targeting Israel and American companies. There should be consequences for such blatant weaponization of commerce against us and our allies,” Rosen added.
