In this article, we will address the financing of companies that manufacture the weapons used in the massacres against the Palestinian population. This information comes from Report 66 of “Armed Banking and its Co-responsibility in the Genocide in Gaza,” produced by the Delàs Centre. The report details the arms exports to Israel over the last 10 years, based on data from the Stockholm International Peace Research Institute (SIPRI).
It is important to discuss the role that certain states and military alliances play in financing a country that is in conflict. While the UN establishes guiding principles regarding businesses, human rights, and the Organization for Economic Cooperation and Development with specific guidelines for Responsible Business Conduct to prevent and repair the harm caused in areas experiencing armed conflict, this also includes the “cessation of economic activities in situations of military occupation.”
So, why is it regulated, while the war in the Middle East seems to gain power?
In the case of Israel, we can observe the growth of its military industry through the export or sale of weapons to other countries (at least 125 in recent decades, according to Loewenstein), including authoritarian states and even governments; another essential element has been the purchase of weapons, ammunition, and technology from other states. Notably, the strategic and military collaboration between the United States and Israel has been particularly significant over time. Through this agreement, the U.S. has transferred $3.8 billion annually for the last 6 years (2018-2028 agreement) and $3.1 billion per year for the previous 10 years.
Moreover, Israel is a major buyer of weapons produced by American companies such as Boeing and Lockheed Martin, among others. Similarly, it maintains arms trade relationships with Italy, Spain, Germany, and the United Kingdom.
The consequences of the growth of Israel’s military industry
An offensive that began on October 7, 2023, involved a surprise attack on Israel, resulting in an estimated 1,200 deaths and around 250 people taken hostage. This conflict stems from the Palestinian military organization known as Hamas, founded in 1987, which gained strength in 2007 with a clear objective: the destruction of Israel and the establishment of an independent Islamic state in the historical territory of Palestine.
As we approach the one-year mark since the largest attack, it is estimated that Israel has launched nearly 70,000 tons of explosives, destroying thousands of homes, hospitals, and educational centers; all the infrastructure that remained is now rubble, along with a significant portion of arable land, compounded by the forced displacement of 90% of the Palestinian population.
Israel has been strengthening itself thanks to support from global powers through the sale of arms and surveillance technology; this is parallel to the exploitation of Palestinian resources by multinational corporations. Neither side calls for a ceasefire; on the contrary, systematic crimes against humanity are being committed, constituting genocide against innocent civilians.
The conflict between Hamas and Israel is complex, influenced by factors such as regional history, territorial independence, and largely by the profit motive of the arms trade by companies and international states. It is crucial to seek sustainable solutions that prevent further loss of life and bring an end to this offensive.
