The ethics council of Norway’s $1.6 trillion fund has said it is investigating whether companies in which it holds shares fall outside its permitted investment guidelines due to the war in Gaza.

The world’s largest sovereign wealth fund, which owns 1.5 percent of the world’s listed shares across 8,800 companies, operates under ethical rules set by the country’s parliament, and over the years has divested from nine companies, all Israeli, over activities in the occupied Palestinian territories.

Svein Richard Brandtzaeg, chair of the council, told Reuters in an interview that the war had prompted it to examine which firms were selling weapons to Israel that were being used in Gaza. It could lead to divestments if these weapons are sold to a state that violates humanitarian law, according to the fund’s ethical guidelines.

“We are looking at this because of the seriousness of the breach of the norms that we see,” he said.