Israel needs sanctions-proof economy – Netanyahu
Israeli Prime Minister Benjamin Netanyahu has warned that Israel must prepare an alternative economy to function under potential global sanctions, citing declining international support and a possible end to US aid.
The Israeli PM warned of declining international support and a potential end to US financial and military aid. Public opinion toward Israel has grown increasingly negative amid the wars in Gaza and Iran. In the US, a recent Chicago Council on Global Affairs report recorded the country's lowest favorability rating since polling began in 1978, with a majority supporting reducing or ending military aid.
Growing isolation
Last month, the UK announced a ban on imports from illegal Israeli settlements in the occupied West Bank, with Foreign Secretary Ed Miliband describing settlers as 'terrorists' supported by Netanyahu's government. The same day, 11 other countries, including France, Spain, and Canada, joined Britain in a statement supporting the two-state solution and announcing plans to impose or consider restrictions on trade with the settlements.
Alternative economy
We must understand that there could be sanctions, including banking sanctions, Netanyahu said in an interview aired on Israel's Channel 10. We need to prepare an alternative economy capable of functioning by circumventing these sanctions, he added, noting that blockchain technology was among options under consideration.
If you think we're going to continue receiving what I secured twice, and that's tens of billions of dollars in American aid for the defense budget, prepare yourselves and get used to the fact that it won't happen because America has changed.
Political fallout
Former prime minister and opposition figure Yair Lapid criticized Netanyahu's remarks, saying that Netanyahu now admits, in his own words, that if his government is returned to power, American military aid will end and Israel will face sanctions that will devastate our economy. The comments come days before Israel's first national election since the October 7 Hamas attacks, with neither Netanyahu's allies nor the opposition having a clear path to a parliamentary majority.
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