European companies are cutting off their ties with Israel due to protests against the occupation of Palestinian territories and human rights violations.

Several financial companies in Europe have cut their ties with Israeli companies due to activists and demands to end the war in Gaza. UniCredit placed Israel on its “prohibited” list following the conflict in October. “The bank’s decision goes beyond the recommendations of the Italian government,” Reuters noted.

Norway's Storebrand and France's Axa sold shares of Israeli companies, noting the importance of choosing where to invest. “Investing in the arms sector is contrary to sustainable development,” added Martin Rohner of the Global Alliance for Value-Based Banking. Storebrand divested itself of its stake in Palantir Technologies, citing human rights risks.

Israel's Finance Minister said that despite economic problems, Israeli firms continue to attract investment. “Foreign investors have faith in our economy,” he said last week. Financial services company Storebrand and others continue to exclude Israeli companies from their portfolios due to the situation in the Palestinian territories.