The London borough of Islington has announced its commitment to divest approximately $3.5 million from companies involved in illegal settlement activities in the West Bank.
The Middle East Monitor newspaper reported that the district’s decision came after months of demonstrations and popular campaigns calling for this.
The newspaper said that the neighborhood also committed to reviewing its financial policies, including its use of Barclays Bank, which activists accuse of financing the genocide committed by Israel against the Palestinians.
The Palestine Solidarity Campaign in London welcomed the move by the neighbourhood council and called on it to take further practical steps to limit cooperation with illegal settlement measures in the West Bank.
As the Israeli war on the Gaza Strip continues, activists have called on the council to expose and dispose of any arms companies linked to human rights abuses, and to set a practical timetable for doing so.
Barclays withdraws
The British Barclays Bank has recently faced criticism from human rights activists and those in solidarity with Gaza against the aggression.
A recent report showed that Barclays Bank owns more than £2 billion ($2.58 billion) in shares in companies whose weapons, components and military technology have been used by Israel against Palestinians.
Barclays also provides more than £6.1 billion ($7.86 billion) in loans and guarantees to these arms and military technology companies, including a £2.7 million ($3.48 million) stake in Elbit Systems, Israel’s main arms manufacturer.
A few days ago, informed sources reported that Barclays Bank had prepared plans to withdraw from Israeli government bond auctions, and this comes under pressure from activists opposing the ongoing Israeli aggression on the Gaza Strip for more than 10 months.
Barclays is one of seven foreign lenders helping the Israeli government sell debt, and it appears to be preparing to leave the Israeli market in an attempt to calm criticism and public protests over its relationship with Israel.
Last May, Barclays said it did not invest in companies that supply weapons to Israel for use in Gaza, after pro-Palestinian activists targeted one of its branches in the City of London.
The bank also faces criticism for providing financial services to defense companies that produce weapons and equipment used by the Israeli occupation.
