UK Considers Unprecedented Sanctions Against Israeli Banks
Translated & summarized from Channel 9 by baba
Britain is contemplating significant new sanctions against Israel, potentially including its banks and retail chains, over settlement activity. This follows earlier British import bans and Israeli retaliatory measures against the UK consulate in Jerusalem, leading to a sharp deterioration in bilateral relations.
The story in 5 lines · by baba
- UK may impose unprecedented sanctions on Israeli banks and retailers.
- Sanctions could target financial support for West Bank settlements.
- Measures follow UK import bans and Israeli consulate closure.
- Bilateral relations have sharply deteriorated over settlement policy.
- Legislation for some sanctions expected in six to nine months.
Britain is reportedly considering "unprecedented" new sanctions against Israel, potentially targeting Israeli banks and major retail chains. According to high-level sources in the UK speaking to Israel's Channel 12, these measures could be imposed if London determines that financial institutions are facilitating the construction and development of settlements in Judea and Samaria. Specifically, restrictions might affect banks providing mortgages for housing or construction beyond the "green line," the 1967 armistice line. The UK is currently discussing the specifics of this expanded sanctions package, with consultations expected to conclude within six to nine months.
These potential measures follow earlier sanctions imposed by Britain after Israel's decision to build in the E1 area. London previously banned the import of goods from settlements in Judea and Samaria. The relationship between the two countries has significantly deteriorated following retaliatory actions by Israeli Foreign Minister Gidon Saar. Saar announced the closure of the British consulate in Jerusalem within a month and ordered British representatives in the International Quarter of Jerusalem to vacate their premises within a week.
While London criticized Saar's decisions, Israel views them as proportionate, arguing that Britain has adopted a harsher stance than even traditionally critical nations like Belgium. Previously, British Foreign Secretary David Miliband announced a new sanctions regime targeting companies and individuals involved in settlement expansion, covering construction, infrastructure, financing, and real estate.
Britain also plans to prohibit imports from what it terms "illegal settlements on occupied territories" and will deny export licenses for arms and other products if they are deemed to facilitate "occupation." The legislation for these measures is slated to take effect in six to nine months, though the specific targeting of Israeli banks and retail chains remains under discussion.
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