After raising $7.7 billion for Israel since the Gaza war.. "Luxembourg closes the window on selling 'Israeli bonds' in Europe"

SadaNews - The website "Middle East Eye" reported that Luxembourg will not renew its approval for selling "Israeli bonds" within the European Union after the current license expires on August 31, possibly closing the door to marketing these bonds to European investors, unless another European country agrees to host the program.

The website quoted Luxembourg’s finance minister, Pierre Gramegna, as saying to RTL that the country's financial regulatory authority decided, two months ago, not to extend the program, confirming that the decision is regulatory and relates to compliance with laws, and is not a result of political pressure.

According to "Middle East Eye", the decision came after a legal and political campaign led by human rights and civil groups in Luxembourg and various European countries, which called for stopping the sale of the bonds as they provide funding to the Israeli government during its wars in Gaza, Lebanon, and Iran.

The website noted that Amnesty International had warned on July 21 that allowing the continued sale of "Israeli bonds" could expose Luxembourg and EU countries to the risk of complicity in genocide against Palestinians in Gaza.

These bonds are issued by the "Development Corporation for Israel" registered in the United States and marketed under the slogan: "Stand by Israel. Israel is at war," and have raised, according to the corporation's own figures, $7.7 billion for the Israeli government since October 2023.

According to "Middle East Eye", the proceeds from the bonds go into the Israeli treasury as unallocated public financing, while Israeli military spending has increased from about 20% to over 30% of total government spending.

Since Luxembourg approved the program last September, the bonds have been offered to investors in Austria, France, Germany, Luxembourg, and the Netherlands, after having previously been under the supervision of the Irish central bank, which decided not to renew its approval.

The website quoted the UN Special Rapporteur on the Occupied Palestinian Territories, Francesca Albanese, as saying that "selling these bonds is illegal under international law because they go directly to fund genocide," adding that selling them is a "moral and legal error."

The "Stop Israeli Bonds" campaign stated that its next goal is to prevent the program from being moved to Germany or any other European country, while Amnesty International urged all EU countries to refuse hosting the program or agreeing to a new prospectus.

According to "Middle East Eye", the website contacted the financial regulatory authority and the Ministry of Finance in Luxembourg for comments on the details and timing of the decision not to renew, but did not receive a response.