Israeli cabinet minister instructs banks to disregard EU sanctions
(MENAFN) Israeli Finance Minister Bezalel Smotrich has called on domestic banks to disregard European Union sanctions imposed on certain Israeli settlers, warning financial institutions of potential consequences if they comply with the EU’s measures.
In a statement posted on X, Smotrich criticized Israeli banks for adhering to what he called a “zero risk” policy in response to foreign sanctions. He claimed that such policies result in the unfair denial of services to Israeli clients targeted by the EU and urged banks to resist what he labeled as “unjust” European actions.
Last July, the EU introduced sanctions against five Israeli settlers and three organizations for alleged serious and systemic human rights violations against Palestinians in the occupied West Bank, which is internationally recognized as Palestinian territory. The sanctions included asset freezes, travel bans, and a prohibition on financial or economic support to the sanctioned individuals and groups.
Smotrich, known for his far-right political stance, stated that Israeli banks have the tools to challenge the EU’s sanctions through legal and economic channels. He threatened to introduce legislation that would force banks to compensate affected individuals and even proposed empowering the Bank of Israel to manage accounts for those under sanctions.
Tensions between Israel and several Western nations have recently escalated. Swedish Foreign Minister Maria Malmer Stenergard suggested that Stockholm might seek EU sanctions against certain Israeli ministers due to the worsening humanitarian situation in Gaza. Slovenia, along with France and Ireland, is also considering similar measures.
In May, Canada, the UK, and France jointly condemned Israel’s military operations in Gaza, accusing the government of obstructing humanitarian aid and warning of further “targeted sanctions” if abuses continued. These countries also demanded a halt to Israeli settlement expansion in the West Bank.
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