Luxembourg pension fund boycotts Israeli banks

Luxembourg pension fund boycotts Israeli banks

Luxembourg’s general pension fund has decided to boycott major Israeli banks in response to Tel Aviv’s contravention of the international law and violation of human rights.

(Ahlul Bayt News Agency) - Luxembourg’s general pension fund has decided to boycott major Israeli banks in response to Tel Aviv’s contravention of the international law and violation of human rights.Reports say the fund has announced that it would boycott five major Israeli banks and a number of Israeli investment companies over their involvement in settlement construction plans.The fund has also said in a report that those banks and organizations would be banned because they support and finance Tel Aviv’s illegal constructions on Palestinian land.Israel has faced the widening boycott campaign by some European businesses over its illegal settlement activities on the occupied Palestinian land.Two of Europe’s biggest financial institutions have boycotted transactions with Israeli companies involved in the settlement construction.The European Union has also blocked all grants and funding to any Israeli entity based in the illegal settlements.The American Studies Association has also announced a decision to boycott Israeli institutions and academics over the discriminatory treatment of Palestinians.The presence and continued expansion of Israeli settlements in occupied Palestine has created a major obstacle for the efforts to establish peace in the Middle East.More than half a million Israelis live in over 120 illegal settlements built since Israel’s occupation of the Palestinian territories of the West Bank and East al-Quds in 1967.The United Nations and most countries regard the Israeli settlements as illegal because the territories were captured by Israel in a war in 1967 and are hence subject to the Geneva Conventions, which forbid construction on occupied lands./129