To End the Occupation, Cripple Israeli Banks
Terry Crawford-Browne on Sabbah Report recalls the banking sanctions against apartheid South Africa:
The international banking sanctions campaign in New York against apartheid South Africa during the 1980s is regarded as the most effective strategy in bringing about a nonviolent end to the country’s apartheid system.
The campaign culminated in President FW de Klerk’s announcement in February 1990, releasing Nelson Mandela and other political prisoners, and the beginning of constitutional negotiations towards a non-racial and democratic society.
If international civil society is serious about urgently ending Israel’s violations of Palestinian rights, including ending the occupation, then suspension of SWIFT transactions to and from Israeli banks offers an instrument to help bring about a peaceful resolution of an intractable conflict. With computerization, international banking technology has advanced dramatically in the subsequent 20 years since the South African anti-apartheid campaign.
Although access to New York banks remains essential for foreign exchange transactions because of the role of the dollar, interbank transfer instructions are conducted through the Society for Worldwide Interbank Financial Telecommunication (SWIFT), which is based in Belgium. So, instead of New York — as in the period when sanctions were applied on South Africa– Belgium is now the pressure point.