Economists Warn Sanctions on Settlements Could Harm Israel's Entire Economy
Translated & summarized from Maariv by baba
Sixty-one economists and former officials warned that sanctions on Israeli settlements could harm Israel's entire economy, affecting banks and businesses. They noted that the UN has expanded its blacklist of companies linked to settlements, and that an atmosphere of boycotts is already impacting Israeli academia, culture, and sports. The economists cited growing international sanctions and a recent diplomatic dispute with the UK as evidence of escalating economic pressure.
The story in 6 lines · by baba
- Sixty-one economists warned sanctions on Israeli settlements could damage Israel's entire economy.
- The UN has expanded its blacklist to 214 companies from 11 countries linked to settlements.
- Boycotts are already impacting Israeli academia, culture, sports, and the defense industry.
- Economists noted approximately 100 sanctions are imposed by over 50 countries.
- A recent diplomatic crisis between Israel and the UK involved sanctions.
- The signatories fear a significant deterioration of economic ties between Israel and Europe.
Sixty-one economists and former senior officials have issued a warning that sanctions imposed on Israeli settlements could extend to the entire Israeli economy, potentially damaging banks, insurance companies, and businesses. They stated in a letter that an escalation of these measures could lead to significant economic damage and increased living costs.
The signatories expressed concern about a "significant deterioration of economic relations between Israel and Europe," which they believe could cause substantial macroeconomic harm. This damage could worsen if the sanctions expand from a few countries to a significant portion of Europe and begin to target construction and infrastructure companies, banks, and financial institutions providing services to settlements.
The letter also noted the United Nations' expansion of its blacklist, which now includes 214 companies from 11 countries linked to settlements. This list reportedly includes all Israeli banks and the food company Tnuva. These actions are occurring amid an existing boycott atmosphere that is already affecting Israeli academia, including fields crucial to the high-tech industry.
Furthermore, the letter highlighted that artists are increasingly refusing to perform in Israel, international sporting events, particularly soccer, are not being held in the country, and the defense establishment is facing difficulties, such as delays in receiving essential parts for the strategic submarine INS Drakon.
The economists pointed to a growing momentum of sanctions and private sector initiatives across many countries. They mentioned approximately 100 sanctions currently imposed by over 50 countries, with financial matters and arms deals topping the list. The letter also referenced a recent diplomatic crisis between Israel and the United Kingdom stemming from sanctions announced by Britain.
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