Yellen fears ‘humanitarian crisis’ if Israel cuts off Palestinian banks

US Treasury Secretary Janet Yellen warned Thursday of the risk of a "humanitarian crisis" if Israel cuts off a crucial financing channel to the occupied Palestinian territories.

“These banking channels are critical for processing transactions that enable almost $8 billion a year in imports from Israel, including electricity, water, fuel, and food, as well as facilitating almost $2 billion a year in exports on which Palestinian livelihoods depend.” But Israel has blocked transfers since shortly after the October 7 attacks by Hamas, which runs the Gaza Strip.On Wednesday, Norway, with Ireland and Spain announced it would recognise a Palestinian state from May 28, a move that has angered Israel.

He also said that he “does not intend to extend the indemnity to correspondent banks that transfer funds from the end of the coming month” At least eight people were killed when an illegal hostel housing migrants burned down in a village near Moscow on Thursday, officials said.

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