British banks told not to invest in planned Israeli settlement before UK trade ban begins
Summary
British MPs have warned banks not to invest in Israel’s E1 settlement project before new UK laws banning trade with illegal settlements officially start. The UK government plans to ban trade with these settlements, but the detailed rules may take six to nine months to finalize.Key Facts
- MPs from the Britain-Palestine group sent a letter urging banks to review their investments in the E1 Israeli settlement.
- The UK foreign secretary, Ed Miliband, announced plans for a trade ban with illegal Israeli settlements two weeks ago.
- The new legal powers to enforce the ban could take six to nine months to pass in parliament.
- Israel is seeking bids to build up to 3,400 houses in the E1 area, with some bids closing just before Israeli elections.
- Israel’s finance minister, Bezalel Smotrich, said the E1 settlement plan harms the possibility of a two-state peace solution.
- The MPs’ letter cautions banks about legal, financial, and reputational risks if they commit funds now before the ban takes effect.
- The letter asks banks to discuss these risks at the board level and decide their stance on potential investments.
- The MPs plan to publish banks’ responses by October 10.
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