Group of 61 economists warns of sanctions risk for Israel — Jerusalem Post

A group of 61 leading economists warned that the expansion of settlements in the West Bank and the failure to stop violence against Palestinians, which the letter's authors described as Jewish violence, could lead to tougher international sanctions, economic isolation and a rising cost of living in Israel. This was stated in a letter published on Sunday, The Jerusalem Post reports.

Risk of sanctions spreading

The letter's authors said that the diplomatic damage caused by settlement policy and violence against Palestinians already carries a high economic cost that will ultimately be borne by all residents of the country. In their view, the damage to Israel's economy could increase severalfold if restrictions spread from several countries to a significant part of Europe and affect not only settlements but Israel's economy as a whole.

The economists called for preventing such a development, stressing that the international sanctions movement is gaining momentum. The letter states that more than 50 countries have already imposed around 100 sanctions, with financial restrictions and limits on arms-related operations among the most notable measures.

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UN list and boycotts

The letter's authors also drew attention to the expansion of the UN list of companies linked to Israeli settlements. According to them, it includes 214 companies from 11 countries, mostly Israeli ones, including all Israeli banks and Tnuva.

In the economists' view, these measures add to an atmosphere of boycotts that is already harming Israel's academic sector, including fields important to the high-tech industry. The letter also notes the negative impact of sanctions on the defense industry and cultural sphere, including delays in the delivery of the INS Drakon submarine and artists' refusals to perform in Israel.