Amnesty International has warned EU member states that permitting the sale of Israeli government bonds in Europe risks complicity in what it describes as an ongoing genocide in Gaza. The rights group is urging countries including Luxembourg and Ireland to reconsider authorising such financial instruments, citing obligations under international law.
Amnesty International Issues Urgent Warning to EU Over Israel Bond Trading
Human Rights Group Cites Risk of Complicity in Grave Violations
Amnesty International has issued a stark warning to European Union member states, declaring that countries allowing the trade of Israeli government bonds within Europe risk becoming complicit in what the organisation characterises as an ongoing genocide in the Gaza Strip
According to Amnesty International, the proceeds from these bond sales are used by the Israeli government to fund actions against Palestinians that the human rights organisation describes as criminal in nature. The organisation argues that permitting such financial activity amounts to indirectly enabling what it has concluded constitutes genocide.
Currently, trading in Israeli government bonds is authorised in several EU jurisdictions, including Luxembourg and Ireland. The official prospectus for these bonds is regulated by national financial supervisory authorities, such as Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF), making these instruments readily accessible for trading within these member states.
Legal Obligations Under International Law
Amnesty International has stated that the EU and its member states have an obligation under international law to ban trade and investment that could contribute to Israel’s actions in Gaza and other grave violations of international law. This includes what the organisation has identified as the crime against humanity of apartheid against all Palestinians whose rights Israel controls.
In a statement regarding the European Commission’s review of the EU-Israel Association Agreement, Eve Geddie, the Director of Amnesty International’s European Institutions Office, said:
“Every day the EU delays meaningful action, is a greenlight for Israel to continue its genocide in the Gaza Strip and unlawful occupation of the whole Occupied Palestinian Territory (OPT).”
Geddie continued:
“The EU and its member states have an obligation to ban trade and investment that could contribute to Israel’s genocide against Palestinians in the Gaza Strip and other grave violations of international law, including the crime against humanity of apartheid against all Palestinians whose rights it controls.”
Background: Amnesty’s Genocide Determination
Amnesty International’s position on Israel’s actions in Gaza is based on extensive research conducted by the organisation. In December 2024, Amnesty International concluded that Israel has committed and is continuing to commit genocide against Palestinians in the occupied Gaza Strip.
This determination was published in a comprehensive report titled “Israel/Occupied Palestinian Territory: ‘You Feel Like You Are Subhuman’: Israel’s Genocide Against Palestinians in Gaza”, which documents Israel’s actions during its offensive on the occupied Gaza Strip from 7 October 2023.
The report examines multiple dimensions of Israel’s conduct, including the killing of civilians, damage to and destruction of civilian infrastructure, forcible displacement, the obstruction or denial of life-saving goods and humanitarian aid, and the restriction of power supplies. Through analysis of this pattern of conduct alongside statements by Israeli decision-makers, Amnesty concluded that Israel has committed genocide against Palestinians in Gaza.
Luxembourg and Ireland Among Countries Permitting Bond Trading
As reported by journalists covering the story in Luxembourg, Amnesty International has specifically called on the Luxembourg government to reconsider its stance on allowing the trade of Israeli government bonds. The organisation warned that such a decision could indirectly facilitate alleged war crimes in Gaza.
Trading in Israeli government bonds remains authorised in Luxembourg, as it is in countries such as Ireland. The official prospectus for the EU is regulated by the Luxembourg financial sector supervisory authority (CSSF), meaning these bonds are readily accessible for trading within the Grand Duchy
Amnesty International argues that the Israeli government uses the proceeds from these bond sales to fund actions against Palestinians, which the organisation characterises as criminal. In light of this, Amnesty warns that allowing the trade of Israel bonds amounts to indirectly enabling a genocide.
Call for Immediate Action by EU Member States
Amnesty International has urged the Luxembourg government and other EU member states to reconsider their political decisions to permit this type of financial activity. The organisation contends that now that the European Commission has determined there are “indications” that Israel is breaching human rights obligations under the EU-Israel Association Agreement, there is no excuse for inaction or delays.
Eve Geddie of Amnesty International stated:
“Now that they have determined there are ‘indications’ that Israel is breaching human rights, there is no excuse for inaction or delays.”
She further warned:
“Every deal that EU member states do with Israel in the meantime, leaves them at risk of being complicit in Israel’s grave violations of international law, including genocide.”
Broader Context: EU-Israel Association Agreement
This warning comes amid ongoing debate about the EU-Israel Association Agreement and whether it should be suspended in light of Israel’s actions in Gaza and the broader Occupied Palestinian Territory.
In April 2026, Amnesty International stated that the EU’s decision to maintain its trade agreement with Israel represents a moral failure and illustrates brazen contempt for civilian lives, particularly in the Occupied Palestinian Territory and in Lebanon.
The organisation has pointed to Israel’s genocide in Gaza, its ongoing unlawful occupation of the whole OPT, the system of apartheid imposed against all Palestinians whose rights it controls, and its new death penalty law, which will in practice apply exclusively to Palestinians, as evidence of the violations at issue.
Amnesty International has called on EU member states to urgently take matters into their own hands and unilaterally suspend all forms of cooperation with Israel that may contribute to its grave violations of international law.
Campaign Action Targeting Key EU States
Amnesty International has launched campaign action calling on Italy and Germany to support the suspension of the EU-Israel Association Agreement. The organisation has framed this as a choice between continuing what it describes as Israel’s “red-carpet treatment” or enforcing the bloc’s “red lines”, which Israel has made a mockery of particularly since October 2023.amnesty+1
The organisation has also called for the EU to ban trade with Israel’s illegal settlements in the OPT, a position long supported by Belgium, Ireland, the Netherlands, Slovenia and Spain, and more recently joined by France and Sweden.
pending such action at the EU level, Amnesty has stated that member states must adopt national bans on trade with settlements.
International Law Obligations for Third States
The legal foundation for Amnesty’s position draws on obligations of third states under international law to prevent and not assist in serious violations. Legal analyses have been commissioned on this question, including a legal opinion on Luxembourg’s hosting of Israeli bonds prepared by Shahd Hammouri, Helena Van Roosbroeck, Tendayi Achiume, and John Reynolds.
These analyses examine the obligations of third states and corporations to prevent what human rights organisations have characterised as Israel’s ongoing genocide in Gaza.
Other research organisations, including the Transnational Institute, have published reports documenting EU complicity in Israel’s actions in Gaza, arguing that since the attacks of 7 October 2023, the EU has provided political cover and material support for Israel.
Financial Sector Implications
The implications of Amnesty’s warning extend to the financial sector across Europe, where Israeli government bonds are traded on various exchanges and through multiple financial institutions. The organisation’s position suggests that financial regulators, supervisory authorities, and individual financial institutions may face legal and ethical questions regarding their continued facilitation of such trading.
Amnesty International’s warning forms part of a broader campaign targeting European financial institutions’ continued involvement in what the organisation describes as illegal occupation and grave violations of international law. Previous reports have documented European financial institutions’ continued complicity in the illegal occupation and settlement enterprise.
