Latest news with #BezalelSmotrich
CBC
2 days ago
- Politics
- CBC
U.S. condemns Canada, 4 other nations over Israeli sanctions
The United States has condemned Canada and four other countries for imposing sanctions on two Israeli cabinet ministers. On Tuesday, Canada joined the U.K., Norway, Australia and New Zealand in sanctioning the ministers for "inciting violence against Palestinians in the West Bank." Secretary of State Marco Rubio said in a statement the United States urges the countries to reverse the sanctions. Rubio says the sanctions do not advance the United States' efforts to achieve a ceasefire in the region, bring home hostages and end the war. The statement goes on to blame Hamas for disturbing the peace of Gaza civilians and says the countries should "not forget who the real enemy is." Israeli National Security Minister Itamar Ben-Gvir and Finance Minister Bezalel Smotrich — the subjects of the countries' sanctions — are accused of pushing "extremist rhetoric" by calling for the displacement of Palestinians in the West Bank and the expansion of Israeli settlements in the territory. Israel's Foreign Affairs Minister Gideon Sa'ar said earlier Tuesday that Prime Minister Benjamin Netanyahu is calling a meeting early next week to decide on a response to the sanctions. "It is outrageous that elected representatives and members of the government are subjected to these kind of measures," Sa'ar said at a news conference. "Itamar Ben-Gvir and Bezalel Smotrich have incited extremist violence and serious abuses of Palestinian human rights," the five countries said in a joint statement. "Extremist rhetoric advocating the forced displacement of Palestinians and the creation of new Israeli settlements is appalling and dangerous. These actions are not acceptable." Foreign Affairs Minister Anita Anand said that "extremist settler violence" threatens the long-term safety of both Israelis and Palestinians. "It prolongs the existing conflict and it erodes the path to a two-state solution, which we see as the only path to sustainable peace and security, including for Israel," Anand said following the weekly Liberal cabinet meeting. She said the sanctions target two ministers in Natanyahu's coalition government who "directly contribute to extremist settler violence," and not the state of Israel itself. WATCH | Anand speaks about the new sanctions: Canada sanctioning 2 Israeli ministers who 'promoted extremist settler violence': Anand 8 days ago Duration 2:18 Minister of Foreign Affairs Anita Anand said Tuesday that Canada is joining the U.K. and other allies in placing sanctions on two Israeli cabinet ministers because no 'concrete action' had been taken to end the expansion of West Bank settlements. She said the sanctions do not target the state of Israel, but ministers who 'directly contribute to extremist settler violence.' Asked about the prospect of further sanctions, Anand maintained that Canada's focus is on Ben-Gvir and Smotrich. "These two individuals promoted extremist settler violence and it has to stop. I will add, they are members of Netanyahu's government. They are not members of his party," Anand said. NDP foreign affairs critic Heather McPherson said Canada should be sanctioning all senior members of Netanyahu's government. "Canada should respect international law and sanction Netanyahu and his cabinet immediately for their role in the genocide of Gaza. All Israeli officials who incite or are responsible for genocide should be sanctioned," McPherson said in a media statement. McPherson said the NDP has been calling for sanctions on Ben-Gvir and Smotrich for 19 months. The joint statement says that the countries tried to work with the Israeli government on the issue of forced Palestinian displacement but "violent perpetrators" continue to act with "encouragement and impunity." The statement says that while the countries imposing sanctions still support Israel's right to defend itself, the actions of the "targeted individuals" undermine "Israel's own security and standing in the world." It says "today's measures focus on the West Bank, but 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 sanctioned individuals are inadmissible to Canada and Canadian individuals and organizations are barred from doing business with them. Last month, Prime Minister Mark Carney joined British Prime Minister Keir Starmer and French President Emmanuel Macron in writing an open letter condemning Israeli military operations in Gaza. The three leaders called the level of suffering in the territory "intolerable." The letter called on the Israeli government to allow more food aid into Gaza and to end military operations there, and for Hamas to release its remaining hostages. The three leaders said they would take "concrete actions" if Israel did not comply. Carney, Starmer and Macron also threatened to impose sanctions on people and groups linked to the expansion of Israeli settlements in the West Bank. The U.K. imposed sanctions on what it called a "West Bank violence network" shortly after the letter was released publicly. But days after that letter was published, Israel announced the construction or recognition of 22 West Bank settlements. Anand said Tuesday the new sanctions come after no "concrete action" was taken to stop the expansion of settlements.
Arabian Post
3 days ago
- Business
- Arabian Post
Severing Bank Link Threatens Palestinian Financial Lifeline
Arabian Post Staff -Dubai Israeli Finance Minister Bezalel Smotrich has ordered the cancellation of a decades‑long indemnity that shields Israeli banks when processing shekel transactions for Palestinian counterparts, a move poised to disrupt salaries, imports and basic services across the West Bank and Gaza. The directive, issued on 10 June 2025, halts a waiver that permitted Israeli financial institutions to facilitate payments to the Palestinian Authority and local customers without fear of legal consequences. Analysts warn this could sever Palestinian banks' vital access to the larger Israeli banking system. ADVERTISEMENT Palestinian Monetary Authority officials cautioned that this severance would seriously impede operations such as payments for food, fuel, electricity and water. In 2023 alone, around 53 billion shekels—equivalent to $15.2 billion—passed through Palestinian banking corridors. The revocation of the indemnity risks plunging the territories into a fragile cash‑only system, heightening exposure to theft, fraud and illicit activity. Smotrich's decision follows sanctions by the UK, Canada, Australia, New Zealand and Norway imposing asset freezes and travel bans on him and National Security Minister Itamar Ben‑Gvir, citing their roles in incitement and human rights abuses in the West Bank and Gaza. Smotrich maintains the waiver withdrawal is a justified response to what he terms the Palestinian Authority's 'delegitimisation campaign' against Israel. For decades, Palestinian banking operated without central‑bank autonomy or national currency. Reliance on Israeli shekels and correspondent banking agreements has been critical. International voices—including US Treasury Secretary Janet Yellen, G7 officials and the UN—have repeatedly warned that ending this arrangement could trigger a humanitarian crisis and violate international law. Local analysts predict the measures will exacerbate an already deteriorating economic landscape. Kristin Ronzi of intelligence firm Rane Network said abolishing this financial collaboration will 'impede the Palestinian Authority's ability to import basic, essential goods such as food and fuel,' likely deepening economic hardship and undermining public sentiment. The Palestinian banking system, which exceeds 100 % of GDP, is particularly vulnerable to spill‑over effects from Gaza into the West Bank, according to IMF data. The termination of the waiver is feared to amplify credit constraints on private and public sectors alike, risking reduced lending, increased borrowing costs, and even defaults. International stakeholders, including the US and G7, had pressed for short‑term extensions of the indemnity. Those appeals often hinged on warnings that a collapse of Palestinian financial networks would destabilise trade, delay crucial services, and potentially fuel militant groups reliant on cash economies. Smotrich is known for his hardline positions: he has previously withheld Israeli-tax clearance revenues and blocked aid in retaliation for moves supportive of Palestinian statehood. In May 2025, he warned publicly that Gaza 'will be totally destroyed,' vowing to push Palestinians toward resettlement in other countries. Within Israel, there is evident friction. Prime Minister Benjamin Netanyahu and some coalition members support Smotrich, but others fear political and economic backlash—particularly amid international outrage and concern over deepening the Gaza violence. The policy must still pass through Israel's security cabinet before implementation begins. Across Palestinian chambers in Ramallah and Gaza City, there is growing anxiety. Authorities are scrambling to negotiate with donors, international NGOs and Middle Eastern allies, in hopes of constructing contingency plans. Proposed measures include alternative cash corridors, increased use of digital currencies, and humanitarian exemptions—but none currently matches the scale of the existing system. Economists warn the broader consequences of this rupture—the Palestinian economy has already lost billions amid conflict. Since October 2023, Gaza's economy shrank by 61 %, the West Bank by 24 %, and joblessness soared to around 57 % across both territories. Analysts fear the banking clamp‑down could invert years of fragile recovery efforts, worsening poverty and political instability.
Deccan Herald
4 days ago
- Business
- Deccan Herald
Trump urges Tehran evacuation as Iran-Israel conflict enters fifth day
Israeli Finance Minister Bezalel Smotrich said nearly 3,000 Israelis had been evacuated due to damage from Iranian strikes.
Reuters
4 days ago
- Politics
- Reuters
Trump urges Tehran evacuation as Iran-Israel conflict enters fifth day
TEL AVIV/DUBAI, June 17 (Reuters) - Israel and Iran attacked each other for a fifth straight day on Tuesday, and U.S. President Donald Trump urged Iranians to evacuate Tehran, citing what he said was the country's rejection of a deal to curb nuclear weapons development. Trump was due to leave the Group of Seven summit in Canada later on Monday, a day early, due to the Middle East situation, the White House said. Fox News reported he would convene his National Security Council. French President Emmanuel Macron said Trump's early departure was positive, given the immediate objective was to get Israel and Iran to agree to a ceasefire. "Iran should have signed the 'deal' I told them to sign. What a shame, and waste of human life. Simply stated, IRAN CAN NOT HAVE A NUCLEAR WEAPON. I said it over and over again! Everyone should immediately evacuate Tehran!" Trump wrote on his Truth Social media platform. Iranian media soon reported explosions and heavy air defence fire in Tehran early on Tuesday. Air defences were activated also in Natanz, home to key nuclear installations 320 km (200 miles) away, the Asriran news website reported. In Israel, air raid sirens wailed in Tel Aviv after midnight and an explosion was heard as Iranian missiles targeted the country again. Iranian officials reported 224 deaths, mostly civilians, in five days, while Israel said 24 civilians had been killed. Israeli Finance Minister Bezalel Smotrich said nearly 3,000 Israelis had been evacuated due to damage from Iranian strikes. Sources told Reuters that Tehran had asked Oman, Qatar and Saudi Arabia to urge Trump to pressure Israeli Prime Minister Benjamin Netanyahu to agree to an immediate ceasefire. In return, Iran would show flexibility in nuclear negotiations, according to two Iranian and three regional sources. 'If President Trump is genuine about diplomacy and interested in stopping this war, next steps are consequential,' Iranian Foreign Minister Abbas Araqchi said on X. 'Israel must halt its aggression, and absent a total cessation of military aggression against us, our responses will continue.' Netanyahu told reporters on Monday that Israel was committed to eliminating threats posed by Iran's nuclear and ballistic missile programs, adding, 'If this can be achieved in another way—fine. But we gave it a 60-day chance.' Speaking to Reuters on Friday, the first day of Israel's assault, Trump said he had given the Iranians 60 days to come to an agreement to halt uranium enrichment and that the time had expired with no deal. Oil prices rallied more than 2% early in Asia on Tuesday after Trump's evacuation warning, reversing losses on Monday amid reports that Iran was seeking an end to hostilities. With security concerns growing and Israeli airspace closed because of the war, the Chinese embassy in Israel urged Chinese citizens to leave the country via land border crossings as soon as possible. The Iran-Israel air war - the biggest battle ever between the two longtime enemies - escalated on Monday with Israel targeting Iran's state broadcaster and uranium enrichment facilities. Rafael Grossi, head of the International Atomic Energy Agency, told the BBC that the Natanz plant sustained extensive damage, likely destroying 15,000 centrifuges, while Iran's Fordow plant remained largely intact. Talks between the United States and Iran, hosted by Oman, had been scheduled for June 15 but were scrapped, with Tehran saying it could not negotiate while under attack. Israel launched its air war with a surprise attack that has killed nearly the entire top echelon of Iran's military commanders and its leading nuclear scientists. It says it now has control of Iranian airspace and intends to escalate the campaign in coming days. Trump has consistently said the Israeli assault could end quickly if Iran agreed to U.S. demands that it accept strict curbs to its nuclear programme. "As I've been saying, I think a deal will be signed, or something will happen, but a deal will be signed, and I think Iran is foolish not to sign," Trump told reporters on the sidelines of the Group of Seven summit in Canada on Monday. A U.S. official said Trump would not sign a draft statement from G7 leaders calling for a de-escalation of the conflict. The draft statement says Iran must never have a nuclear weapon and that Israel has the right to defend itself.
The National
4 days ago
- Business
- The National
Israel's move to isolate Palestinian banks will give rise to black market
Israel 's move to cancel a waiver that allows Israeli banks to transact with their Palestinian counterparts risks worsening the dire humanitarian situation in Gaza and would likely create a cash economy and encourage a hard-to-control black market in the West Bank, analysts say. The order by Israel's Finance Minister Bezalel Smotrich last week will take time to go into effect, and would be a paralysing blow for the Palestinian financial and banking system, which is already struggling with restrictions from Israel. Matters are likely go from bad to worse for the Palestinian Authority, whose struggles will compound manifold, restricting it from importing even basic goods into the occupied territory. 'The waiver cancellation risks worsening the West Bank's humanitarian crisis as it will very likely impede the Palestinian Authority's ability to import basic, essential goods such as food and fuel,' Kristin Ronzi, Middle East and North Africa analyst at New York-based intelligence firm Rane Network, said. 'Already difficult economic conditions in the West Bank mean that living conditions would likely deteriorate and further stoke anti-Israel and anti-Palestinian Authority sentiment.' In a cash economy, there's far greater financial risk. Large amounts of money are less safe and vulnerable to theft, war damage, and illicit activity. This could mean Palestinians who are struggling to put their lives together amid Israel's year-and-eight-month-long assault, will see their entire live savings disappear in an instant. Emergence of a black market Mr Smotrich, who had been threatening since May last year to cut the vital connection between Israel and Palestinian banks, when the State of Palestine was recognised by three European countries, finally pulled the trigger. 'Against the backdrop of the Palestinian Authority's delegitimisation campaign against the State of Israel internationally, 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.' The statement came hours after the UK and other countries imposed sanctions on Mr Smotrich and another hardline settler minister. The break in relationship banking means financial isolation of Palestinian lenders, a direct consequence of which would likely be a boost to 'cash economy and black market' within the West Bank, especially if imports decline and there are shortages of basic goods in the wake of Israeli move, Ms Ronzi said. Raja Khalidi, director general of the Palestine Economic Policy Research Institute, agreed. Cutting off the Israeli correspondent banks relations would disrupt markets affected by trade with Israel, create a huge black market of cash transactions for trade otherwise conducted through the banking system and deprive the Palestinian economy of significant trade routes,' Mr Khalidi said. How dependent are Palestinian banks on Israel? The Palestinian financial and banking system can only exist with the regular renewal of the waiver on a yearly basis. The Palestine Monetary Authority (PMA), which acts like a central bank, is unable to print money or issue its own currency. It warned on Wednesday that 'such a disruption poses a serious threat' and the cascading effect of the inability to make critical payments for trade and provide salaries. 'These efforts are vital to ensuring the continuity of commercial transactions and the payment of essential imports and services, including food, electricity, water, and fuel,' it added. It will also force the West Bank and Gaza to suffer the consequences of a cash economy. This emergence of a cash economy and parallel black market, however, will dent the efforts of international bodes like the Financial Action Task Force that are trying to quell financing of terrorism and illegal buying of weapons to fuel the conflict. The correspondent banking link with Israeli financial institutions is important to maintain the integrity of Palestinian banks. 'It is an absolutely vital link to cover close to $5 billion payments for Palestinian imports from/through Israel, approximately $150 million worth of monthly tax revenue to the PA collected by Israel as well as a range of payments made by Palestinian and Israeli consumers to the other side through banks and related credit card systems,' Mr Khalidi said. The overwhelming majority of financial exchanges in the West Bank are in shekels, Israel's national currency, because the Palestinian Authority does not have a central bank under which it could print its own currency, Ms Ronzi pointed out that with all the transfer limits and other restrictions on Palestinian lenders, the PMA in May sounded the alarm and urged an immediate action to reduce the shekels' cash accumulation in Palestinian banks, which it said has 'reached breaking point'. It is 'posing a serious threat to the continued financing of trade with or via Israel through official banking channels,' the PMA said in a statement at the time. 'Due to continuing restrictions, Palestinian banks are no longer able to accept additional shekels cash deposits, as they are unable to transfer the surplus to Israeli correspondent banks. With the waiver removed, Palestinian banks are likely to be cut off from the world. 'The waiver cancellation will likely isolate the Palestinian financial system since Israeli banks will very likely stop conducting transactions due to the risk of becoming embroiled in legal investigations and potentially face charges related to money laundering and/or terrorism financing,' Ms Ronzi said. Ratification needed The withdrawal of waiver, so far, is nothing more than an announcement from the Israeli Finance Ministry that needs ratification from the country's Security Council. 'It should be clarified that the finance minister has issued instructions to his ministry to begin preparations for the annulment of the waiver, something that he has done twice before and been overruled,' Mr Khalidi said. 'Even if his decision is approved by Israeli government, it would possibly take weeks to take effect.' Ms Ronzi said thus far a security cabinet vote has not been scheduled. However, despite international backlash and pressure to reverse the cancellation of the waiver, 'Israel is unlikely to reverse the decision ahead of the security cabinet vote, unless there is mounting pressure from the US, Israel's closest ally'. Still Resilient Despite the adversity facing the Palestinian banks, the PMA was quick to assure Palestinians that the financial system was robust and their deposits were safe. 'The PMA reiterates that depositors' funds within the Palestinian banking sector are secure and that the banks maintain high levels of financial solvency in accordance with relevant international standards,' the Palestinian regulator said in the statement on its website following the Israeli Finance Ministry announcement. The Palestinian banking system remains integrated with the global financial network through a range of correspondent banks that will continue to provide financial services to individuals and businesses both domestically and internationally, according to the PMA statement. 'The Palestinian banking system is sound, prudentially regulated by the PMA and is one of the strongest sectors amid the two-year disastrous impacts of the war,' Mr Khalidi said. 'In the absence of an independent macroeconomic policy and currency, however, there is only so much smoothening that the PMA could do of what would be a very hard landing.' Is it Legal? In July last year, G7 countries urged Israel to 'take necessary action' to ensure the continuity of Palestinian financial systems. It came after US treasury secretary Janet Yellen warned that 'to cut Palestinian banks from Israeli counterparts would create a humanitarian crisis'. The UN has warned that 'unilaterally cutting off Palestinian banks from the global banking system would be a violation of the fundamental principles of international law'. This pressure had until now pushed the Israeli government to continue agreeing to short extensions of the waiver, but far-right ministers such as Mr Smotrich and National Security Minister Itamar Ben-Gvir have long objected. Saul Takahashi, a professor of human rights and peace studies at Osaka Jogakuin University, said Israel following through with the waiver removal is a clear breach of international law. 'Israel occupies Palestine, and has an international obligation to provide for the welfare of the occupied population. Anything it does which goes against that overriding obligation is unlawful,' he told The National. 'A lot of people think that somehow all of this is up to negotiation, but it isn't,' added Prof Takahashi, former deputy head of office in Occupied Palestine for the Office of the UN High Commissioner for Human Rights. Mr Khalidi said it is time for friendly states to put their money where their declarations are, so to speak. 'Recognising Palestine's legitimate statehood is not simply a symbolic diplomatic gesture, it requires treating the state of Palestine as an economic sovereign, even under occupation,' he said. It requires granting fiscal autonomy to Palestinian finances, by assisting in maintaining the banking and public finance systems as well as basic liquidity. Other steps needed include 'allowing access to international financial stability funds … and reorienting trade flows through Jordan with regional and international partners', he added.
