Broken promises and power
grab by Jens Stoltenberg
The Parliament has suspended the Ethics Council for Norway’s Sovereign Wealth Fund, in a move that concentrates power directly in the hands of Finance Minister Jens Stoltenberg. The decision stands in clear breach of the election promises made after the August scandal, and has triggered strong reactions both on the left and in the wider population.
November 6, 2025 | INTERNATIONAL POLITICS
Finance Minister Jens Stoltenberg, image from Finans-departementet.no
On Tuesday, a majority in the Storting voted to place the Ethics Council of Norway’s Sovereign Wealth Fund on hold while new regulations are drafted. This stands in stark contrast to the scandal surrounding the fund in August, read more here.
At that time, Stoltenberg, who serves as Minister of Finance, appeared to take responsibility — enough for the Labour Party to secure an election victory. Several companies were subsequently excluded from the fund; in total, 43 Israeli companies have been removed following strong public pressure. Stoltenberg emphasized that the Ethics Council’s guidelines would be respected going forward and that they would be reviewed to prevent similar situations in the future.
The Labour Party won the election, and Tuesday morning the surprising announcement came. Stoltenberg presented a proposal to suspend the Ethics Council until the review is complete, arguing that the current rules are so strict that they are incompatible with maintaining the fund’s income. In effect, he signaled an intention to make the fund “neutral.”
The Centre Party, the Progress Party, and the Christian Democrats voted in favor, securing a majority for the suspension. Until new rules are in place, the fund will be managed directly by Norges Bank — effectively under Stoltenberg’s authority. He has stated that the new regulations will not be ready before spring 2026, a notably long processing time for an issue of such national significance. This is a clear power move; the Ethics Council could have continued its work during the review process.
When Stoltenberg introduced the proposal, it quickly became apparent that the Progress Party and the Centre Party — and likely the Christian Democrats — would support it. This indicates that negotiations took place beforehand to secure a majority. The Progress Party’s support is not surprising; the Christian Democrats’ support is more notable (aside from their pro-Israel stance). That the Centre Party voted in favor is particularly unexpected and suggests that they may have received assurances tied to the state budget.
What remains is a left-wing bloc that feels deceived. With this decision, the Labour Party has taken a clear step to the right in Norwegian politics.
Labour’s rhetoric emphasizes listening to voters, yet time and again their policies diverge sharply from their messaging. Labour voters are repeatedly being misled, something more people are now recognizing — the party has dropped by 4.5% in a new VG poll.
On Dagsnytt 18 Tuesday Stoltenberg claimed that the ethical rules undermine the purpose of the sovereign wealth fund. In reality, it is his actions that undermine the purpose of democracy.
Stoltenberg’s move cannot be viewed in isolation. It aligns with his statements earlier this year about the consequences of Trump’s trade and tariff actions. Stoltenberg claimed Norway would be among the hardest hit. This proved to be rhetoric; economists disagreed, and they were correct. The government has not negotiated any reduction of the tariff — Norway still faces a 15% rate, and no agreement exists.
The United States has sought a minerals agreement with Norway, but the government announced in March that it will implement the EU’s CRMA mineral regulation, which would give the EU authority over Norwegian critical minerals and rare earths, read more here. These resources could have reduced tariffs and strengthened military security through cooperation with the U.S., yet the government has instead placed Norway in a real security risk, as the EU cannot defend Norway.
Furthermore, changing the sovereign wealth fund’s rules is likely another step toward alignment with the EU. Norway cannot maintain independent ethical guidelines under EU regulatory frameworks. The EU is applying strong pressure for Norwegian membership, including threats of tariff measures on ferroalloys.
The pattern is clear. Despite claiming that the EEA agreement is sufficient, Labour is moving Norway closer to full EU membership. One day, we may be told that there is “no alternative.” That day is closer than it might seem.
SOURCES
The Storting (Norwegian Parliament)
Discussions Tuesday, November 4The Storting (Norwegian Parliament)
Transcript from October 23 – Stoltenberg’s statement to the Storting
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