Senior government officials believe that the statement made by Prime Minister Benjamin Netanyahu — that Israel must prepare for sanctions and use the crypto market to circumvent potential sanctions against the Israeli banking system — was a slip of the tongue and also factually incorrect.
The government officials emphasized that, contrary to Netanyahu’s prediction, there are no sanctions to fear and that at no point had sanctions against the Israeli banking system been discussed.
According to their statements, Israel has managed, through considerable effort, to prevent such sanctions within the European Union. In doing so, the country was able to maintain good relations with at least 16 states that opposed such sanctions.
Since no consensus existed among the EU’s 27 member states, sanctions had no prospect of success whatsoever. Agreement could not even be reached on sanctions against products from the settlements. For this reason, some countries, such as the Netherlands and France, opted for national sanctions.
In reality, however, these countries had no intention of imposing sanctions against the...
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