'Not as bad as it sounds': Former attaché downplays UK-led settlement boycott impact

Former UK economic attaché, Shmuel Ben-Tovim, maintained on Wednesday that the economic impact of the sanctions imposed by 12 European nations against West Bank settlements is not as severe as it may initially appear. The former attaché, who previously worked in the UK, explained that the relationship between Israel and the European nations has been fraught with crises in the past, with the most notable being the 2010 Mavi Marmara crisis. He noted that relations have since returned to normal.

Ben-Tovim estimated that goods originating directly from settlements could be worth tens of millions of dollars at most. He also pointed out that the European sanctions require legislative approval, a process that could take several months. The timeline of these sanctions could thus impact the overall economic consequences.

Israel's retaliatory measures, which include closing the British Consulate in Jerusalem and expelling officials from the Kiryat Gat headquarters, were endorsed by Ben-Tovim. He praised these steps, deeming them appropriate. The Israeli economy also holds significant influence over the UK, with trade being roughly balanced. Britain relies on Israel for various goods, including defense products.

Moreover, Ben-Tovim argued that Israel has economic leverage beyond diplomatic measures. "Trade between Israel and the UK is roughly balanced. Britain relies on us for a wide range of goods, including in the defense sector," he remarked. Consequently, the immediate political repercussions of the sanctions might be more noticeable than the eventual economic impact, which may take longer to become apparent.