British banks urged to avoid financing Israeli settlements ahead of UK trade ban

British lawmakers urged banks and financial institutions Tuesday to avoid new financial commitments linked to Israel’s E1 settlement project as the government prepares to ban trade with illegal settlements, Anadolu reports. The lawmakers, members of the all-party Britain-Palestine group, made the call in a letter to financial institutions warning of potential legal, sanctions and reputational risks. The letter follows Foreign Secretary Ed Miliband’s announcement two weeks ago of plans for a complete ban on trade with illegal settlements, alongside new sanctions on those involved in their construction. However, the secondary legislation needed to bring the measures into force could take six to nine months to pass through Parliament. “Commitments made now may be difficult to unwind when restrictions commence; the […]