Israel Faces Economic Sanctions Threat, Crypto Plan Deemed Unfeasible
Translated & summarized from Calcalist by baba
Israel's Ministry of Defense sanctioned Lebanese firm Coral Oil for supplying fuel to Hezbollah. Prime Minister Benjamin Netanyahu proposed a plan to counter global sanctions by adopting cryptocurrency, a move the article deems impractical for major Israeli industries and defense procurement. The author criticizes this plan as a risky gamble with Israel's economic future, potentially linked to unchecked Jewish terrorism in the territories.
The story in 5 lines · by baba
- Israel sanctioned Lebanese firm Coral Oil for allegedly supplying fuel to Hezbollah for terror operations.
- Prime Minister Netanyahu ordered a plan to counter sanctions by shifting to a cryptocurrency economy.
- The article argues Israel cannot realistically use cryptocurrency for major defense or industrial purchases.
- Sanctions on Coral Oil aim to disrupt a significant Hezbollah funding channel.
- The author criticizes Netanyahu's crypto plan as detrimental to Israel's economic future.
Israel's Ministry of Defense, through its National Bureau for Counter Terror Financing (NBCTF), has imposed sanctions on Lebanese energy company Coral Oil. The NBCTF stated it possesses "solid and substantiated intelligence" that Coral Oil supplied approximately 130,000 liters of gasoline and diesel to Hezbollah's energy company, Al-Amana. This fuel allegedly supported Hezbollah's terror operations against Israel, including transporting weapons, operating underground infrastructure, and other logistical and operational needs.
The Israeli security establishment explained the move as a "direct blow to a significant Hezbollah funding channel." They asserted that the sanctions, implemented in global financial databases like banks and credit card companies, would prevent fund transfers and hinder Coral Oil's business activities. This action serves as an illustration of the potentially crippling impact of international economic sanctions.
Separately, Prime Minister Benjamin Netanyahu announced a directive to prepare a plan for circumventing impending global economic sanctions against Israel by transitioning to a cryptocurrency-based economy. However, the article argues this plan is unrealistic and potentially disastrous for Israel's economy and international standing.
Experts cited in the article contend that major Israeli industries, including the Haifa Oil Refineries, Rafael, Israel Aerospace Industries, and Elbit, cannot operate internationally using cryptocurrency or the dark web. Israel would be unable to purchase advanced military equipment like fighter jets, helicopters, submarines, tank engines, or spare parts for F-35s. Furthermore, ambitious military projects such as establishing a space command for satellites and a robotics brigade would likely remain on paper.
The article criticizes Netanyahu's willingness to pursue this crypto strategy, suggesting it comes at the expense of Israeli citizens' economic future and is a response to international pressure stemming from what the author describes as Jewish terrorism against Palestinians in the territories, which Israeli authorities are allegedly overlooking despite growing global criticism.
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