Two days before the general elections, Prime Minister Benjamin Netanyahu has said that Israel should prepare to use cryptocurrency to circumvent potential sanctions on the country amid growing global isolation over its genocidal war on Gaza and settlement expansions in the occupied West Bank. Netanyahu on Friday said that blockchain-based cryptocurrency is the solution to bypass the mounting economic sanctions that would keep the country out of the international financial system. The Bank of Israel, the country’s central bank, rejected Netanyahu’s plan, and opposition parties said the incumbent prime minister’s vision is a recipe for disaster and increasing isolation.
So, can Israel really circumvent sanctions by dealing in crypto? Netanyahu’s crypto pitch comes as Israel has been facing international isolation over its extreme policies against Palestinians: a surge in settler violence, anti-Palestinian rhetoric and the acceleration of illegal settlements in the occupied territories of the West Bank and East Jerusalem. Israel has killed more than 74,500 Palestinians since launching its genocidal war on Gaza three years ago.
It has also been accused of committing war crimes in southern Lebanon, which has been hit almost daily by Israeli attacks despite a “ceasefire” now in place. Israel has also carried out attacks on regional countries, including Iran, as part of its expansionist Greater Israel project, which is rooted in the biblical claim that Israel is entitled to the land between the Nile (in present-day Egypt) and the Euphrates (present-day Iraq). Netanyahu has vowed to expand settlements, which are considered illegal under international laws, and has reiterated that he would not allow the formation of a Palestinian state, drawing condemnation from his European allies.
Last month, at least 12 major economies, including the United Kingdom, pledged coordinated measures against Israeli settlements in the occupied West Bank. The European Union has also sanctioned settlement-linked individuals and groups. Spain and the Republic of Ireland have introduced restrictions on settlement goods, while the Netherlands brought a broader ban on their import, purchase and sale into force in September.
Israel’s banking system has not yet been targeted by sanctions. Moreover, Netanyahu also warned that Israel needs to look out for financing its own military, in the face of less support from Washington in bankrolling its wars – because “America has changed”. It is only a matter of time,” Netanyahu said, adding that after US President Donald Trump’s tenure ends in two years, Israel should prepare for a less favorable White House.
The United States funnels billions of dollars to the Israeli military annually, but the genocidal war on Gaza has changed unrestricted military support for Israel, which a growing number of Americans have started to question. Netanyahu also faces an arrest warrant by the International Criminal Court (ICC) for war crimes, while the International Court of Justice (ICJ) is hearing the case of genocide against Israel brought by South Africa. If the ICJ verdict goes against Israel, it would further intensify calls for sanctions against the country, including restrictions on arms exports, trade and financial ties, as governments around the world face mounting pressure to hold Israeli officials accountable.
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