A study conducted by civil society organizations showed that more than 800 European financial institutions have business relationships with companies linked to Israeli settlements.
The report of the “Do Not Buy from the Occupation” coalition of organizations stated that a total of 822 financial institutions established relationships this year with 58 companies “actively involved” in Israeli settlements, up from 776 institutions in 2023.
Civil society organizations called for increased scrutiny and divestment if necessary.
Israel has expanded its settlement activity at an unprecedented pace, and some settlers hope that US President-elect Donald Trump will help them achieve the dream of imposing sovereignty on the West Bank, which the Palestinians consider the focus of their future state.
Increasing settler violence led to the imposition of US sanctions, and some companies said they would stop their business in the occupied West Bank.
“The indication is that things are going in the wrong direction,” said Andrew Preston of Norwegian People’s Aid, one of 25 European and Palestinian civil society organizations that conducted the research.
He added in an interview with the Geneva Press Club, where he presented the report on Tuesday, “We believe that European financial institutions must urgently re-evaluate their approach towards companies involved in the illegal occupation.”
The Israeli Ministry of Finance has not yet responded to a request for comment from Reuters.
The West Bank is about 100 kilometers long and 50 kilometers wide, and is located at the heart of the Israeli-Palestinian conflict since Israel occupied it in the 1967 war.
Most countries consider the West Bank to be occupied territory, and also consider the settlements illegal under international law, a position that was upheld by the United Nations’ highest court last July.
The report stated that major banks, including BNP Paribas and HSBC, are among the European companies on the list. The banks have not yet responded to a request for comment, according to Reuters.
The report stated that the 58 companies actively involved in the settlements include Caterpillar Heavy Machinery, in addition to the travel websites Booking.com and Expedia.
None of these companies have yet responded to a request for comment.
Booking said earlier that it had updated its guidance to give customers more information “to make informed decisions about disputed and conflict-affected areas.”
Expedia said its accommodations are clearly identified as Israeli settlements located in Palestinian territories.
Many of the companies mentioned in the report are also listed in the UN database of companies doing business with Israeli settlements.
The report stated that some financial institutions have withdrawn their investments from companies linked to Israeli settlements over the past few years, including the Norwegian pension fund KLB.
