Norway’s sovereign wealth fund has sold its shares in 11 Israeli companies, citing the “serious humanitarian crisis” in Gaza. The fund, which invests profits from oil and gas, will move all investments in Israeli companies managed externally in-house and terminate contracts with external managers in Israel.

The fund’s CEO, Nicolai Tangen, stated that the decision was made in response to the worsening conditions in Gaza and the West Bank. The move aims to simplify investment management in this market and reduce the number of companies monitored by the fund’s council on ethics.

The Oil Fund intensified its monitoring of investments in Israeli companies last fall and has already sold holdings in several firms. Officially known as the Government Pension Fund Global, the fund owns nearly 1.5% of all shares in the world’s listed companies, with investments in about 9,000 firms.

Read more at Yahoo Finance: Norway’s sovereign wealth fund sells its shares in 11 Israeli companies