Oslo (Quds News Network)- Norway’s sovereign wealth fund has sold all of its shares in Israel's Paz Retail and Energy, citing its operations in illegal Israeli settlements in the occupied West Bank. The world’s largest wealth fund announced the divestment on Sunday, pointing to Paz’s role in owning and operaring infrastructure for the supply of fuel to Israeli settlements as the reason. “This is a clear violation tied to activities in the occupied Palestinian territories,” the fund stated, referencing the stricter ethical guidelines introduced in August 2023 by its Council on Ethics. The divestment is the second after the fund's ethics watchdog, the Council on Ethics, adopted in August a tougher interpretation of ethics standards for businesses that aid Israel's operations in the occupied Palestinian territories. The first divestment was from Israeli telecoms giant Bezeq in september. The fund, which owns 1.5% of listed shares across 9,000 companies globally, operates under guidelines set by Norway's parliament and is seen as a leader in the environmental, social and governance field. It is the latest decision by a European financial entity to cut back links to Israeli companies or those with ties to Israel since the start of the Israeli genocide in Gaza in October 2023. Israel has escalated settlement activity in the West Bank. This is part of a broader strategy to annex more Palestinian land, despite international opposition. Israel’s settlement expansion continues amid official statements and consensus among Knesset members rejecting the creation of a Palestinian state, defying international law. The United Nations has repeatedly called for a halt to these illegal settlements. By the end of 2024, around 770,000 Israeli settlers lived in the West Bank, spread across 180 settlements and 256 outposts. These settlements are considered illegal under international law.