Concerns are mounting within Israeli circles over the possibility of a major economic collapse, driven by warnings about the repercussions of international sanctions. These measures could impact various aspects of daily life, including banking services, trade, foreign investment, and the high-tech sector, as well as national security and the health system. According to a report by Walla News, 109 senior economists, business figures, high-tech specialists, and former officials, including Nobel Prize winners and former governors of the Bank of Israel, have cautioned against the risks of economic failure, disrupted e-commerce, and compromised security resulting from potential international sanctions on Israel.
The signatories stated in their declaration that unemployment rates would rise and the country’s ability to defend itself against enemies would be significantly impaired. They described the warning as an urgent and sharp message from prominent figures in Israel’s economic and academic spheres, expressing deep concern and fear regarding Prime Minister Benjamin Netanyahu’s policies. The statement warns of irreparable damage if international sanctions are imposed on Israel. This declaration follows an interview with Netanyahu, where he claimed not to fear sanctions but acknowledged that US military aid included in the budget is not permanent. He also revealed plans to prepare for potential banking sanctions using digital currencies and blockchain technology.
The signatories criticized Netanyahu’s statements, viewing them as evidence of ignorance and a lack of understanding regarding the gravity of Israel’s declining international standing. They accused him of driving the country toward boycotts and economic isolation, arguing that his proposed solutions, such as relying on digital currencies, are insufficient to counteract the effects of potential sanctions. Economists warned that restrictions on the Israeli banking system could lead to higher unemployment, reduced or halted foreign investments, and paralysis in the high-tech sector, which is a key driver of economic growth.
Regarding daily life, the signatories highlighted that sanctions might disrupt credit card usage and restrict access to global e-commerce platforms like Amazon and AliExpress. Difficulties in transferring funds abroad could force foreign workers to leave Israel, exacerbating labor shortages in vital sectors. Furthermore, the health system faces serious threats, as medical institutions may struggle to purchase essential medicines and equipment due to restrictions on financial transactions and international trade, potentially compromising healthcare quality.
Comparing the potential scenario to countries subjected to strict sanctions, such as South Africa, Iran, and Russia, the group warned of a sharp decline in living standards and Israel’s reduced capacity to fund its security needs. They emphasized that Netanyahu’s policies could directly harm Israelis’ daily lives by disrupting financial services, limiting international trade, hindering credit card use, and blocking access to global e-commerce platforms. The list of signatories includes notable figures such as Professor Yoel Mooker, a specialist in economics, and Professor Aharon Cheshin, a chemist, both Nobel laureates, alongside Professor Jacob Frenkel, a recipient of the Israel Prize and former governor of the Bank of Israel, along with several other former senior officials.
