A woman uses an automated teller machine (ATM), outside a Bank Hapoalim branch in Tel Aviv, Israel, May 30, 2013. Photo: Reuters / Nir Elias / File.

The Israeli bank accounts of two of the Israelis sanctioned by the United States government last week were closed on Sunday and Monday. Israel’s Finance Minister Bezalel Smotrich spoke out against the action, saying “I will take action as the finance minister and do what I must. If need be, we’ll advance legislation on the matter.” He further called the instance “unthinkable” that it occurred.

The two Israelis, Yinon Levi and David Chai Chasdai, had their personal and business accounts closed by Bank Leumi and Bank Hadoar, respectively. The other two settlers listed bank with Bank Hapoalim, who also said they would close the accounts, saying “Bank Hapoalim respects the international sanctions and will comply with any legal order.”

The Bank of Israel announced their support for the move, saying “Banking corporations, by necessity of their international activities, are required to establish policies and procedures for the use of international sanctions lists and national sanctions lists of foreign countries and for entering into or carrying out operations with parties declared on such lists. Circumvention of sanctions regimes as mentioned, has the effect of exposing the banking corporations to significant risks, among them, compliance risks, money laundering and terrorist financing risks, legal risks and reputational risks.”

Chasdai, who denies any wrongdoing, said “The fact that a government bank decides in the middle of a bright day to seize the bank accounts of settlers solely because of pressure from extreme leftist organizations and a hostile American government is unimaginable, but the fact that this is happening under the tenure of a right-wing government just after the greatest massacre in the country’s history is a national disgrace first class.”

“We have gone through many oppressors who harmed the people of Israel over the generations, we will also go through the persecution of Biden and his aides,” he added.

US President Joe Biden approved the sanctions last week, saying “The situation in the West Bank – in particular high levels of extremist settler violence, forced displacement of people and villages, and property destruction – has reached intolerable levels and constitutes a serious threat to the peace, security and stability in the region.”