عربي English Türkçe اردو فارسى
Logo
Latest News
World

NATO Increases Military Budget by 12%

US soldiers, part of the NATO-led peacekeeping force KFOR, guard the municipal building of the Serb-majority municipality of Leposavic, Kosovo December 8, 2023. REUTERS/Valdrin Xhemaj
US soldiers, part of the NATO-led peacekeeping force KFOR, guard the municipal building of the Serb-majority municipality of Leposavic, Kosovo December 8, 2023. REUTERS/Valdrin Xhemaj
TT
20
TT

NATO Increases Military Budget by 12%

US soldiers, part of the NATO-led peacekeeping force KFOR, guard the municipal building of the Serb-majority municipality of Leposavic, Kosovo December 8, 2023. REUTERS/Valdrin Xhemaj
US soldiers, part of the NATO-led peacekeeping force KFOR, guard the municipal building of the Serb-majority municipality of Leposavic, Kosovo December 8, 2023. REUTERS/Valdrin Xhemaj

NATO said on Wednesday that it was increasing its military budget for 2024 by 12% to 2.03 billion euros and its civil budget by 18.2% to 438.1 million euros.
Increasing and broadening the use of NATO common funding allows allies to more effectively address shared security challenges, NATO said in the statement announcing the increase.
NATO’s civil budget provides funds for personnel, operating costs and program expenditures of NATO's headquarters and its international staff, while the military budget covers the operating costs of NATO Command Structure headquarters, missions and operations around the world.

Most Viewed

 
World

Israeli Finance Minister Says Banks Should Not Obey EU Sanctions on Settlers

20 July 2022, Israel, Barkan: Right-wing settlers march to build a settlement in the West Bank near Barkan. (dpa)
20 July 2022, Israel, Barkan: Right-wing settlers march to build a settlement in the West Bank near Barkan. (dpa)
TT
20
TT

Israeli Finance Minister Says Banks Should Not Obey EU Sanctions on Settlers

20 July 2022, Israel, Barkan: Right-wing settlers march to build a settlement in the West Bank near Barkan. (dpa)
20 July 2022, Israel, Barkan: Right-wing settlers march to build a settlement in the West Bank near Barkan. (dpa)

Israel's Finance Minister Bezalel Smotrich on Thursday condemned the country's banks that have refused to provide services to Israeli settlers sanctioned by the European Union and warned they may have to pay compensation to them.

The EU last year imposed sanctions on five Israeli settlers for violence against Palestinians and Smotrich said there were reports of sanctions being considered against other settlers.

But in a letter to the banking supervisor, he said Israeli banks should not follow a "zero risk" policy since it leads to the abandonment of Israeli clients "under the guise of compliance with foreign sanctions."

In a statement quoting his letter to the regulator, Smotrich called on banks to use their legal, economic, and international strength to fight "unjust sanctions", Reuters reported.

"The banks’ enormous profits enable them to take measured risks on behalf of their clients — especially when it comes to a national moral injustice," Smotrich, who leads the far-right Religious Zionism party, said.

Should banks continue to comply with sanctions and harm clients, Smotrich said he intended to promote immediate legislation that would require banks to pay substantial compensation to affected customers.

He also intends to require the Bank of Israel itself to offer banking services to citizens targeted by sanctions.

Responding to the letter, the Bank of Israel said that while banks must comply with international sanctions to avoid an array of risks, a draft directive it published on Thursday aimed to ensure appropriate banking services were available for the affected customers.

"Circumventing foreign sanctions regimes through the Israeli banking system exposes banking corporations to multiple risks, including compliance risks, anti-money laundering and counter-terror financing risks, legal risks, and reputational risks," the central bank said.

But it said it has taken steps to comply with sanctions "without banks resorting to blanket refusals to serve such customers."

While the sanctions in question concern Israeli settlers, the EU is reviewing its broad pact governing its political and economic ties with Israel in the face of mounting international pressure on Israel amid complaints about the lack of humanitarian aid reaching Gaza in the wake of the war triggered by Hamas' Oct. 7, 2023 attack.