No Israeli bonds on sale in EU for now, in de facto €2.2bn sanction
by https://euobserver.com/author/andrew-rettman/ · EUobserverThe Irish Central Bank in Dublin. The head of the bank said he was “shocked” by Gaza, as he pondered his legal duty on Israeli bonds (Source: Delphinidaesy)
Unlock article and share
By Andrew Rettman,
No one is trading Israeli bonds in Europe for now in a de facto €2.2bn per year sanction, even as the EU cannot formally agree to block even €250m of imports from illegal settlements.
Israeli state-owned firm Israel Bonds needs an EU member state’s financial regulator to approve its bond prospectuses in order for sales to go ahead.
The Central Bank of Ireland (CBI) used to do this for Israel under a 2017 EU law, until it passed the mandate to Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF) in 2025, which also stopped doing it on 31 August, amid public disgust in both countries over Israel’s actions in Gaza.
That meant the mandate legally reverted to the CBI on 1 September, giving it three options: 1. to resume doing the work itself; 2. pass on the baton again to a more Israeli-friendly country, such as Germany, if Israel asks it to; or 3. to refuse to pass on the mandate, but also not to issue any authorisations.
The process is shrouded in secrecy due to financial privacy rules and its political sensitivity.
To read this story, log in or subscribe
Enjoy access to all articles and 25 years of archives, comment and gift articles. Become a subscriber for as low as €1,75 per week.
Read without limits
Already a subscriber? Login
Unlock article and share
Latest from Economy
German minister slams Costa over EU budget, says he has ‘completely lost touch with reality’
Listen: Fuel price spike reignites push for EU windfall tax on oil and gas profits
Latest from Israel
‘Bullies cannot be appeased’: Pressure mounts on EU to shield ICC from new US sanctions
Scene set for verbal punch-up at UN in New York, as Trump and Netanyahu face critics from EU and further afield
Latest from EU and the World
France bullies EU into delisting top Russian oligarch, angering allies in last-minute showdown
EU-Bahrain talks move ahead, even as European political prisoners recount years of torture
The Irish Central Bank in Dublin. The head of the bank said he was “shocked” by Gaza, as he pondered his legal duty on Israeli bonds (Source: Delphinidaesy)
Topics
Author Bio
Andrew Rettman is EUobserver’s foreign editor, writing about foreign and security issues since 2005. He is Polish, but grew up in the UK, and lives in Brussels. He has also written for The Guardian, The Times of London, and Intelligence Online.
+ Follow author by email