Israel may need to develop an alternative economy to circumvent international sanctions, said Prime Minister Benjamin Netanyahu, while acknowledging the pressure he is facing from his main ally, the United States.
“We must understand that there may be sanctions, particularly banking sanctions,” Netanyahu said on a talk show broadcast by Israel’s Channel 10 and posted online on Friday, ahead of Tuesday’s election.
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“We must prepare an alternative economy capable of operating in a way that circumvents the sanctions,” he added.
When asked if he was referring to blockchain—the technology for storing and transmitting information that operates without intermediaries or a central authority, which underpins cryptocurrencies— Netanyahu replied: “Absolutely. I have requested that this plan be drawn up.”
The Israeli prime minister did not name the countries from which he expects sanctions to be imposed. Recently, the United Kingdom and other countries imposed sanctions on products originating from Jewish settlements in the occupied West Bank, in response to attacks by settlers against Palestinians and the construction of new settlements.
Netanyahu remains a close ally of U.S. President Donald Trump, but he has faced criticism in the U.S. following the devastating military operation in Gaza, carried out in retaliation for the Hamas attack on Israeli territory on October 7, 2023. He has repeatedly spoken of the need to reduce Israel’s dependence on U.S. military aid and to achieve greater strategic autonomy in the defense sector.
“It’s over. It’s only a matter of time,” he added, admitting that he is “concerned” about the U.S. stance toward Israel.
Centrist former Prime Minister Yair Lapid, now a member of the opposition, commented that “Netanyahu now admits, in his own words, that if his government returns to power, U.S. military aid will end and Israel will face sanctions that will destroy our economy, trigger uncontrollable price hikes, and cause irreparable damage,” he claimed.
The Israeli Prime Minister also recently threatened to restart the war against Iran, a country that, in the face of heavy international sanctions, has adopted cryptocurrencies and other alternative financial mechanisms.
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Source: KYPE
