A report by Palestinian, regional, and European civil society organizations called on more than 670 European financial institutions to stop all investments and financial flows in Israeli settlements in the occupied West Bank, which are considered illegal under international law.

A report issued by the coalition 'Don’t Buy Into Occupation' which includes 25 organizations, stated that European firms have relations with companies operating in settlements in the West Bank, noting billions of dollars in financial investments.

The findings detail financial dealings worth $255 billion between 2018 and May 2021 directly or indirectly linked to the settlements. These investments include loans or share and bond acquisitions.

The report added that the companies in question have financial relations with 50 companies involved in working with illegal Israeli settlements, noting that these 50 companies were granted $114 billion in loans and subscriptions.

As of May 2021, the total value of shares and bonds held by European investors in these companies will be $141 billion.

Among the major European firms included in the report Deutsche Bank and BNP Paribas, the French banking group.

More than 600,000 settlers live in settlements in the West Bank and parts of occupied Jerusalem, which were occupied by "Israel" in 1967, while their Palestinian population exceeds three million.

Many major Israeli occupation companies operate in these settlements, including banks such as Leumi and Hapoalim, as well as telecommunications and internet providers, major supermarket chains, and other companies.

 The report did not provide details of the financial transactions that take place directly in the Israeli settlements, but it mentioned the involvement of several listed European companies, for owning shares in non-Israeli companies, such as the giant heavy equipment company "Caterpillar" whose products are used in the settlements. 

For example, many of the European companies named have been implicated because they hold shares in non-Israeli firms, like machinery giant Caterpillar, whose products have been used in settlements.

According to The Don't Buy Into Occupation coalition that issued the report, it announced that these European companies "have a responsibility to ensure that they are not involved in violations of international law and are not complicit in international crimes".

Last year, the United Nations issued a list of 112 companies with activities in Israeli settlements, including Airbnb, Expedia, and TripAdvisor. 

The list was prepared by the United Nations Human Rights Office in response to a Human Rights Council resolution demanding a "database" of companies benefiting from business in the Occupied Palestinian Territories. 

The move, which was strongly condemned by the Israeli side while the Palestinians welcomed it, was considered a victory for the national movement to boycott "Israel".

Last July, "Israel" was angered by the US ice cream company Ben & Jerry's decision to stop marketing its products in the settlements, since these settlements are incompatible with their values, the company commented.