MembersIsrael Weighing Sanctions on Russia, Touts Successful Balancing Act Over Ukraine

US sends messages to Jerusalem: Make sure Russian bank accounts don’t try to use Israeli banks to evade sanctions

By Yossi Aloni | | Topics: Russia, Ukraine
President of Russia Vladimir Putin speaking in Jerusalem just two years ago in January 2020. He's unlikely to be invited back any time soon following the invasion of Ukraine.
President of Russia Vladimir Putin speaking in Jerusalem just two years ago in January 2020. He's unlikely to be invited back any time soon following the invasion of Ukraine. Photo: Marc Israel Sellem/POOL

The Israeli government has set up a broad team to consider imposing sanctions on Russia and the consequences for the Israeli economy and security policy. The team is led by the Ministry of Foreign Affairs, and includes representatives of the Ministry of Finance, the Ministry of Defense, the Bank of Israel and the Ministry of Diaspora Affairs. Foreign Minister Yair Lapid said in a briefing to reporters:

“Israel is carefully examining the significance of sanctions on Russia. We have set up an inter-ministerial team to examine the effects and implications of sanctions on the Israeli economy and our policies.”

In Israel, there is no standing legislation for imposing sanctions on a foreign country. After Russia’s invasion of Crimea in 2014, many countries around the world enacted such laws, but Israel was not among them. Therefore, under Israeli law, the government cannot at the moment impose sanctions, most of which would be aimed at the private market.

The United States has already conveyed to Israel its request that Russian money affected by sanctions not be allowed to...

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