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Israeli banks enforce US sanctions against settlers despite militants’ complaints

The Bank of Israel assured this Monday that its banking institutions will enforce US sanctions against four Jewish settlers in the West Bank accused of violence against Palestinians, despite requests from far-right ministers that they are not complying.

Last Thursday, the US issued an executive order banning the financial transactions of four people. Prime Minister Benjamin Netanyahu’s cabinet said there was “no need” for such measures, while his ultranationalist coalition partners, Finance Minister Bezalel Smotrich and Public Security Minister Itamar Ben-Gvir, issued further condemnations. Energetic.

“We are no ordinary republic and we will not allow our citizens to be harmed,” Smotrich told reporters on Sunday. He described the allegations against the settlers as “absolutely misleading”. He said he would use “all available tools” to prevent Israeli banks from enforcing the sanctions.

Ben-Gvir described the freezing of settlers’ bank accounts as a “red line” in a social media post: “We respect and appreciate our partners very much, but we should not allow anyone to harm the State of Israel. Should not be allowed to run.” Both Smotrich and Ben-Gvir enjoy significant support among Jewish settlers in the West Bank, one of the areas where Palestinians want to establish an independent state.

However, the Bank of Israel has indicated that Israeli banks will have to comply with the US decision. “Avoiding such sanctions regimes could expose banks to significant risks, including compliance risks, combating money laundering and terrorist financing, legal risks and reputational risks,” the central bank said in a statement. “Ensuring the proper conduct and orderly activity of banks in Israel is essential to maintaining the orderly activity of the economy.”

The Workers’ Bank (Hapoalim), one of Israel’s two largest banks, has assured that it will respect international sanctions and that it will comply with any legal orders, although it declined to discuss any specific cases. Its main rival, National Bank (Leumi), declined to comment.

But Yinon Levy, one of the settlers under US sanctions, told Kan public radio that Leumi has frozen his personal and business accounts, and rejected his attempts to transfer funds. According to the US State Department, Levy led a group of far-right settlers who attacked Palestinian civilians, burning their farms and destroying property, allegations he denies. “I have not engaged in any violent actions,” he said, adding that Israeli authorities never investigated him nor did he have any legal interactions with American authorities.

One of the approved settlers, David Chai Chasdai, told an Israeli newspaper that his account at the Postal Bank had been frozen. The Postal Bank has declined to discuss any specific cases, but indicated that it is “obliged to respect and comply with international legal sanctions and orders as required by the international financial system.”

According to the State Department, Chassadai led a riot in which vehicles and buildings were set on fire and property was damaged in the village of Huwara in the West Bank, resulting in the death of a Palestinian civilian. Reuters could not immediately reach Chasdai or his lawyers for comment on the allegation.

In a statement broadcast on Israel Army Radio, Chassadai condemned the sanctions as “a national shame of the highest level…, which occurred under a right-wing government, on the heels of the largest massacre in the country’s history.” After the Hamas attack on October 7.
The sanctions come after the United States imposed a travel ban on people involved in violence in the West Bank in December. Most world powers consider the settlements illegal. (Reuters)