Over 800 European Financial Institutions Linked to Israeli Settlements
A recent study by civil society organizations has revealed that over 800 European financial institutions maintain business relationships with companies connected to Israeli settlements in the occupied West Bank. The report, published by the Don’t Buy from Occupation coalition, indicates that 822 financial institutions have established ties with 58 companies actively involved in these settlements, marking an increase from 776 institutions in 2023.
The findings come amidst heightened scrutiny of Israel's settlement activities, which have expanded rapidly. Civil society groups are urging these financial institutions to reconsider their partnerships, emphasizing the need for divestment from companies that contribute to what is widely regarded as illegal occupation under international law. Andrew Preston from Norwegian People's Aid highlighted the urgency for European financial institutions to reassess their involvement with these companies, stating, "The indication is that things are going in the wrong direction."
Settler Violence and International Response
The report also notes a rise in settler violence, which has prompted some U.S. sanctions and led certain companies to withdraw from business operations in the occupied territories. Major banks, including BNP Paribas and HSBC, are among those listed in the report, although they have not yet commented on the findings. The West Bank, a focal point of the Israeli-Palestinian conflict since its occupation in the 1967 war, is considered illegal territory by most countries, a stance supported by a ruling from the United Nations' highest court last July.
Companies Involved and Their Responses
Among the companies identified in the report are well-known names such as Caterpillar, Booking.com, and Expedia. While Booking.com has stated that it has updated its guidance to inform customers about disputed areas, Expedia has clarified that its listings include accommodations located in Israeli settlements. The report also mentions that some financial institutions, like the Norwegian pension fund KLP, have previously divested from companies linked to these settlements, reflecting a growing trend among investors to distance themselves from the controversial practices associated with the Israeli occupation.
