Barclays liquidates shares in Israeli arms contractor Elbit Systems
2 Min Read
Pro-Palestinian protests surged in the UK after "Israel" launched its war on Gaza, with activists conducting 54 demonstrations targeting Barclays branches across the country.
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Pedestrians pass a branch of Barclays Bank in the rain in London, on May 8, 2014. (AP)
British news reports on Thursday revealed that Barclays, one of the UK's largest banks, has divested from the Israeli arms contractor Elbit Systems amidst growing international scrutiny over "Israel's" actions in Gaza.
The bank reportedly sold its entire holding of 16,345 shares in Elbit, valued at over $3.4 million, as indicated in recent US Securities and Exchange Commission (SEC) filings.
This move follows months of protests and activist pressure against Barclays for its involvement with companies tied to genocidal operations in Gaza.
Pro-Palestinian protests surged in the UK after "Israel" launched its war on Gaza, with activists conducting 54 demonstrations targeting Barclays branches across the country.
Actions included symbolic displays, such as spraying red paint on branches to represent Palestinian bloodshed.
Fantastic job done by @Pal_action on israeli-genocide-complicit Barclays Bank whose red profits are EVEN BLOODIER than its 20 branch frontages pic.twitter.com/zyKRjEhsQa
— Sarah Wilkinson (@swilkinsonbc) June 10, 2024
These protests forced several Barclays locations to halt operations temporarily, creating both logistical and reputational challenges for the bank.
Success for pro-Palestine groups
Activist groups argued that Barclays' support for companies like Elbit, which produces military technology used in Gaza, effectively aligned it with violations of human rights.
Barclays' decision to end any financial relationship with firms linked to banned munitions, including cluster bombs, thus aligns with mounting global criticism of "Israel's" actions.
The Bank clarified in a statement it would "cease any relationship" with entities that "evidence" proved were producing internationally-banned cluster bombs.
You may have seen reports that @Barclays latest US SEC filing shows that it currently holds no shares in Elbit Systems.
— Palestine Solidarity Campaign (@PSCupdates) October 31, 2024
This could indicate the start of a permanent divestment and that shows the power of our movement, but we can’t let Barclays off the hook. We must keep up the… pic.twitter.com/e9Fd71B61e
On a related note, "Israel" has reportedly sold billions of dollars in bonds to manage an increasing budget deficit as it faces the prolonged costs of its operations in Gaza and Lebanon.
This economic strain has attracted the attention of rating agencies; Fitch Ratings, a US credit rating agency, downgraded "Israel's" credit outlook to negative, citing increased defense spending, infrastructure damage, and economic disruptions.
"In addition to human losses, could result in significant additional military spending, destruction of infrastructure and more sustained damage to economic activity and investment, leading to a further deterioration of Israel’s credit metrics," a statement issued by the agency read.
Read more: 'Israel' sold treasury bonds worth $3 billion since October 7
