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Yahoo
3 days ago
- Business
- Yahoo
Israel's Smotrich could collapse Palestinian economy by ending bank waiver
Israel's far-right finance minister, Bezalel Smotrich, has cancelled a waiver that Palestinian banks rely on to operate hours after five Western governments announced he faced sanctions, along with fellow ultra-nationalist Minister Itamar Ben-Gvir, for inciting violence against Palestinians in the occupied West Bank. Warnings have previously been raised that Israel's ending of the waiver could have devastating consequences for the Palestinian economy, which is dependent on the Israeli banking system as the Palestinian Authority (PA) does not have its own central bank or currency. 'Finance Minister Bezalel Smotrich has instructed Accountant General CPA Yali Rothenberg to cancel the indemnity provided to correspondent banks dealing with banks operating in Palestinian Authority territories,' Smotrich's office said in a statement on Tuesday, announcing the changes. The statement also directly linked Smotrich's decision to the PA's international advocacy against the establishment of illegal settlements in the occupied territories, which the minister's office described as the 'delegitimisation campaign against the State of Israel internationally'. Smotrich's decision to end the waiver came hours after Australia, Canada, New Zealand, Norway and the United Kingdom announced sanctions against him, as well as against Israeli National Security Minister Itamar Ben-Gvir for their 'incitement of violence' against sanctions were not publicly linked to Smotrich's targeting of the PA, which governs parts of the occupied West Bank and represents Palestine at international forums, including the United Nations and the International Court of Justice (ICJ). However, Smotrich has a history of blaming the PA and punishing the 2.7 million Palestinians in the occupied West Bank in retaliation for international condemnation of Israel's illegal occupation. 'For every country that unilaterally recognises a Palestinian state, we will establish a settlement,' Smotrich said in July 2024, as he announced that Israel was 'recognising' five illegal Israeli settlements in the occupied West Bank after five more countries – Norway, Spain, Ireland, Armenia and Slovenia – announced they were recognising Palestinian statehood. He has also called for Israel to annex the occupied West Bank if the ICJ ruled that Israeli settlements are end of the waiver could have a devastating impact on the finances of Palestinians, particularly in the occupied West Bank, which has already suffered multiple economic blows over the past two years. The overwhelming majority of exchanges in the West Bank and Gaza are in shekels, Israel's national currency, because Palestine is not allowed to have its own central bank or print its own currency, which means that Palestinian banks are reliant on Israeli banks to operate. But Israeli banks only continue to work with the Palestinian banks because of the government waiver, which protects them from potential legal action relating to transactions with their Palestinian counterparts. Israeli Prime Minister Benjamin Netanyahu's government has repeatedly threatened to end the waiver in the past, prompting rebukes from even Israel's closest allies. Janet Yellen, the United States Treasury Secretary in former President Joe Biden's administration, warned in May last year that 'to cut Palestinian banks from Israeli counterparts would create a humanitarian crisis'. In July, G7 countries urged Israel to 'take necessary action' to ensure the continuity of Palestinian financial systems. The UN has also warned that 'unilaterally cutting off Palestinian banks from the global banking system would be a violation of the fundamental principles of international law'. Under this pressure, the Israeli government has agreed to extend the waiver for short periods. However, far-right ministers like Smotrich and Ben-Gvir have always objected. After one vote in November last year, Ben-Gvir, who has been convicted in Israeli courts of possessing a 'terror' organisation's propaganda material and supporting a 'terror' organisation, wrote in a post on X that he had a 'principled objection' to indemnifying the Israeli banks. The Palestinian Authority should be completely cut off and 'collapsed', he said.
India Today
3 days ago
- Politics
- India Today
Far-right Israeli ministers hit with sanctions by UK, Canada and western allies
The United Kingdom, Canada, and several of their Western allies have placed sanctions on two Israeli government ministers. The countries stated that the two men have repeatedly encouraged violence against sanctions targeted Israel's National Security Minister Itamar Ben Gvir, and Finance Minister Bezalel Smotrich. Both ministers are known for leading far-right political parties supporting Prime Minister Benjamin Netanyahu's fragile governing to the UK government, the ministers will face a travel ban and a freeze on any assets in the sanctioning countries. "These two ministers have incited extremist violence and serious abuses of Palestinian human rights," the governments said in a joint statement released by Australia, Canada, New Zealand, Norway, and the UK. "Extremist rhetoric advocating the forced displacement of Palestinians and the creation of new Israeli settlements is appalling and dangerous," the statement read."We have engaged the Israeli Government on this issue extensively, yet violent perpetrators continue to act with encouragement and impunity."The joint action is a crackdown on Israel's traditional allies. These countries allege that the current Israeli leadership's support for settlers in the occupied West Bank and its handling of Gaza is making the conflict are steadfastly committed to the two-state solution which is the only way to guarantee security and dignity for Israelis and Palestinians and ensure long term stability in the region," the foreign ministers Gvir and Smotrich have previously said that many in the international community view as provocative and PUSHES BACK AGAINST SANCTIONSHowever, not all Western leaders agree with the move. In a strong response, US Secretary Marco Rubio criticised the sanctions and defended the two ministers."The United States condemns the sanctions imposed by the governments of United Kingdom, Canada, Norway, New Zealand, and Australia on two sitting members of the Israeli cabinet," Rubio posted on social media platform X."These sanctions do not advance US-led efforts to achieve a ceasefire, bring all hostages home, and end the war." Rubio added that the United States sees a clear distinction between Israel and Hamas, labelling the militant group as the real threat."We reject any notion of equivalence: Hamas is a terrorist organisation that committed unspeakable atrocities, continues to hold innocent civilians hostage, and prevents the people of Gaza from living in peace," he remind our partners not to forget who the real enemy is. The United States urges the reversal of the sanctions and stands shoulder-to-shoulder with Israel."SHIFT IN WESTERN POLICY?The move by the five countries comes amid a shift in their international policy. While Washington has continued to support for Israel, even vetoing in United Nations resolution calling for a ceasefire in Gaza, other countries have started to draw clearer lines."Of course this cannot be seen in isolation from the catastrophe in Gaza. We continue to be appalled by the immense suffering of civilians, including the denial of essential aid," the statement Watch
India Today
4 days ago
- Politics
- India Today
Iran and Israel involved in Gaza hostage negotiations: Donald Trump
US President Donald Trump said on Monday that Iran and Israel are playing a role in ongoing negotiations involving the United States, Israel, and Hamas, aimed at securing a ceasefire in Gaza in exchange for the release of hostages."Gaza right now is in the midst of a massive negotiation between us and Hamas and Israel, and Iran actually is involved," Trump told reporters during an event in the White House State Dining Room. "We'll see what's going to happen with Gaza. We want to get the hostages back," Trump Trump offered no further details on Tehran's role, and the White House declined to comment on the nature of Iran's involvement. Iran's mission to the United Nations also did not respond to a request for clarification. The United States has reportedly proposed a 60-day ceasefire between Israel and Hamas. Israel said it would abide by the terms but Hamas thus far has rejected the the proposal, 28 Israeli hostages - alive and dead - would be released in the first week, in exchange for the release of 1,236 Palestinian prisoners and the remains of 180 dead United States and Iran are also separately trying to negotiate a deal on Tehran's nuclear program."We're doing a lot of work on Iran right now," Trump told reporters at an economic event at the White House. "It's tough. ... They're great negotiators."advertisement"They're just asking for things that you can't do. They don't want to give up what they have to give up," Trump added. "They seek enrichment. We can't have enrichment. We want just the opposite. And so far, they're not there.""They have given us their thoughts on the deal. And I said, you know, it's just not acceptable," Trump said as Tehran plans to hand Washington a also said he discussed Iran amongst other topics with Israeli Prime Minister Benjamin Netanyahu on Monday, adding that the call went said he spoke with Trump and the president told him talks would continue at the end of the week, a statement from the Israeli prime minister's office input from ReutersTune InMust Watch
Time of India
14-05-2025
- Politics
- Time of India
‘Israel On Edge': Big Rocket Barrage Launched From Gaza; IDF Retaliates With Force
Tensions have flared again in the Gaza-Israel conflict, as the Palestinian Islamic Jihad launched a barrage of rockets targeting southern Israeli cities including Ashkelon and Sderot. The Al-Quds Brigades, the military wing of Islamic Jihad, claimed responsibility, saying the strikes were in retaliation for 'Zionist massacres' against Israel Defense Forces (IDF) confirmed the rocket attacks and stated that two rockets were intercepted, while a third landed in an open field without causing damage. Air raid sirens sounded across the region, but no casualties or damage were response, the IDF launched retaliatory airstrikes, targeting what it described as Hamas terror infrastructure beneath hospitals in Khan Yunis, specifically the European Hospital and Nasser Hospital. The strikes aimed at underground tunnels allegedly used by militants.#israel #palestinejihad #idf #netanyahu #rocketattack #hamas Read More
Saudi Gazette
21-03-2025
- Politics
- Saudi Gazette
Israel defense minister threatens to 'seize additional territories' in Gaza
TEL AVIV — Israel's defense minister has told the military to "seize additional areas in Gaza" and threatened to permanently occupy parts of it, if Hamas does not free all remaining hostages. Israel Katz said that the military would continue its ground operation in Gaza "with increasing intensity" until all of the hostages "both living and dead" were returned. It is thought 24 of the 59 hostages still held in Gaza are alive, but their fate remains in the balance after negotiations on the second phase of the ceasefire deal failed to progress. The fragile ceasefire that had been in place since January ended this week as Israel resumed its ground campaign and bombing of Gaza, killing hundreds of people. Israel has accused Hamas of rejecting proposals to extend the ceasefire. Hamas has said it is "engaging with the mediators with full responsibility and seriousness". However, Katz said in a statement on Friday that "the more Hamas continues its refusal, the more territory it will lose to Israel".Katz added that Israel still agreed to a proposal, which was brought by US envoy Steve Witkoff, "to release all the kidnapped, both living and dead, in advance and in two stages with a ceasefire in between"."We will intensify the fighting with strikes from the air, sea and land and by expanding the ground maneuver until the hostages are released and Hamas is defeated," Katz wrote."The more Hamas continues its refusal, the more territory it will lose to Israel," Katz defense minister also said Israel would "implement US President Trump's voluntary transfer plan for Gaza residents".Trump said he wants the US to take over and rebuild the Gaza Strip, while permanently removing its population of two million Palestinian Authority and Hamas have said the Strip is "not for sale", while the UN warned that any forced displacement of civilians from occupied territory is strictly prohibited under international law and "tantamount to ethnic cleansing".Months of negotiations, led by the US, Qatar and Egypt, saw a ceasefire deal proposed in three stages. Israel and Hamas failed to agree on how to take the truce beyond the first ceasefire was broken on Tuesday when Israel launched a heavy wave of airstrikes on the Gaza Strip, killing more than 430 people in two days, the Hamas-run health ministry said. On Thursday, Hamas launched three rockets at Tel Hamas for the resumption of violence, Israeli government spokesman David Mencer said the group had "rejected every hostage deal".The plan stalled when the US and Israel proposed to extend stage one. Hamas rejected the change and said it was a "blatant attempt" by Israel "to evade the agreement".Israel says Hamas is still holding 59 hostages, 24 of whom are believed to still be has denied it is responsible for stalling the negotiations, and said it "remains deeply involved" and is "engaging with the mediators with full responsibility and seriousness".In a statement on Telegram, Hamas wrote it is discussing "the Witkoff proposal and other different ideas put forward, all with the goal of securing a prisoner exchange deal that ensures the release of prisoners, ends the war, and achieves a withdrawal" [of Israeli troops from the Gaza Strip].In his statement, Katz also said that civilians would be evacuated from the areas the IDF are evacuation orders have sent panic through Palestinian families, many of whom have been displaced repeatedly by the war and have few safe options Israeli military launched a campaign to destroy Hamas in response to an unprecedented cross-border attack on 7 October 2023, in which about 1,200 people were killed and 251 were taken than 48,500 Palestinians have been killed in Gaza since then, the Hamas-run health ministry says, and there is large-scale destruction to homes and infrastructure in the Strip. — BBC
