The Norwegian legislature voted this week to place the ethics council of Norges, the country’s sovereign wealth fund, on hold, according to Norwegian media, a move that could delay or signal a change in course for expected anti-Israel moves and other ESG policies by Norges.

The recent Norwegian elections had been expected to usher in further anti-Israel boycott moves by Norges, the world’s largest sovereign wealth fund, with left-wing parties making such actions key demands as they joined the governing coalition.

Norges attracted attention and criticism from U.S. lawmakers in recent months for divesting from U.S. equipment firm Caterpillar over the company’s business with the Israeli military, and has also divested from several Israeli companies.

But Oslo’s ruling Labour party partnered with conservative parties to pass the legislation placing Norges’ ethics council — which advises on divestment from certain companies — on hold until new ethics guidelines are instituted.

Anti-Israel activists and left-wing lawmakers aligned with the council protested against the move, according to local media reports, and condemned the decision, demanding that Norway implement guidelines to prevent investment in “genocide, occupation and serious war crimes.”

A source familiar with the situation said that the ultimate outcome of the situation, and its implications for both American and Israeli companies, remains unclear. But the source added that the move came amid concerted pressure on the Norwegian government from U.S. officials including Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer.

Sen. Dave McCormick (R-PA) and Sen. Lindsey Graham (R-SC) had also urged the administration to retaliate against Norway and Norges over their divestment from Caterpillar, and the State Department said it was engaging with Norway about the move.

The policy change could also impact investments in other areas such as defense and energy companies.