Credit: Committee for a Just Peace in the Middle East (CPJPO)
On Tuesday 21 July 2026, the human rights organisation Amnesty International called on Luxembourg, Ireland and all European Union (EU) Member States to stop allowing the sale of Israeli Bonds, arguing that doing otherwise risks making them “complicit” in the “ongoing genocide against Palestinians in the Gaza Strip”.
"Israel is increasingly relying on foreign investment to finance its genocide, its apartheid system and its illegal occupation, as well as its crimes against Palestinians. Israeli Bonds increase the funds available to the government and therefore help finance Israel's genocide against Palestinians in the occupied Gaza Strip, which has wiped out entire families, destroyed civilian infrastructure, including hospitals and schools, and forced 90% of the population to flee, leaving their homes in ruins," said Steve Cockburn, Amnesty International's Regional Director for Europe.
He added: "Allowing these bonds to be sold on EU markets comes at a considerable ethical and legal cost. International law is clear: all states have an obligation not to aid or assist genocide and an obligation to prevent it."
According to Amnesty International, the Israeli government has “significantly increased” the issuance of Israeli Bonds since 7 October 2023. The organisation noted that the state-issued financial instrument is used to raise funds from individuals and retail investors "due to Israel's security situation" in the Gaza Strip. It added that the proceeds are paid into Israel's general state budget and, according to the Israeli authorities, help maintain the country's military capacity.
Amnesty International further argued that allowing an EU Member State to market Israeli Bonds on the European financial market constitutes “a clear example” of financial facilitation which, under international law, could amount to a failure to fulfil the obligation to prevent genocide and may even risk contributing to or facilitating genocide.
To market these bonds in Europe, Israel must have an EU Member State act as the programme's "home country". Following the United Kingdom (UK)'s departure from the EU in 2021, the Central Bank of Ireland assumed this role, enabling Israel to access the European market. The human rights organisation noted that, in 2025, after public pressure and demonstrations in Ireland against Israel's actions in the Gaza Strip, Israel requested that the programme be transferred to Luxembourg, whose authorities subsequently approved the prospectus authorising the sale of the bonds to EU residents for a further year.
According to Amnesty International, since September 2025, Israeli Bonds have been regulated within the EU by Luxembourg's financial regulator, the Commission de Surveillance du Secteur Financier (CSSF), and have been offered to investors in Austria, France, Germany, Luxembourg and the Netherlands.
The current prospectus is due to expire on Monday 31 August 2026. The organisation also urged Ireland not to accept the programme's transfer again or approve a new prospectus, and called on all EU Member States to refrain from hosting or approving the programme in the future.
"Allowing these bonds to be sold in Europe is a political choice. One of the clearest and most effective ways to stop Israel's genocide against Palestinians in the Gaza Strip is to stop financing it. By continuing to facilitate the sale of these bonds, EU Member States risk becoming complicit in the international crimes committed by Israel against Palestinians," Steve Cockburn added.
Amnesty International also cited figures showing that Israel's military budget increased from 4.2% to 8.3% of gross domestic product (GDP) between 2022 and 2024, while Israeli Bonds raised an average of US$2.4 (approximately €2.1) billion per year between 2023 and 2025.
The organisation also referred to the International Court of Justice's (ICJ) January 2024 ruling, which found there to be “a plausible risk” of genocide against Palestinians in the Gaza Strip and ordered Israel to take measures to prevent it. Amnesty International argued that the ruling places heightened obligations on states party to the Genocide Convention to ensure they do not facilitate financial flows that could strengthen Israel's military capacity.
Civil society organisations and legal experts have campaigned against Luxembourg's decision to authorise the trading of Israeli Bonds since 2025, publishing legal analyses in support of ending the arrangement, further stated the amnesty.
Amnesty International Luxembourg has announced a demonstration outside the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg-Ville at 12:30 on Tuesday 21 July 2026. At the same time, Amnesty International Ireland will hold a demonstration outside the Central Bank of Ireland in Dublin.
