World Economy

Israeli Banks Fear European Boycott

Israeli Banks Fear European BoycottIsraeli Banks Fear European Boycott

Israeli banks fear an international boycott, according to the Boycott, Divestment and Sanctions Movement.

The BDS said on Monday that such a boycott could come because of increased illegal settlements built on lands forcefully occupied by Israel, World Bulletin reported.

“The BDS provided the European Union countries with documents and other evidence that confirm the involvement of a number of Israeli banks in activities inside the illegal  settlements built on occupied East Beit-ul-Moqaddas (Jerusalem), the West Bank and the Golan Heights,” General Coordinator of BDS Mahmoud Nawaja told Anadolu News Agency.

“Fear prevails among the Israeli banking leadership that the European Union will adopt recommendations to boycott the Israeli banks,” he added.

According to BDS, Israeli banks have branches inside the illegal settlements which offer their services to the settlers.

Israeli banks are also financing economic, educational and cultural projects, in addition to real estate inside the illegal settlements.

According to the Israeli daily Maariv, the European Union in the first phase will focus on monitoring Israeli banks that provide any loans to build or buy inside those settlements.

Nawaja said: “If the European Union imposed sanctions, these banks will lose a good percentage of their activities.”