Amnesty International has sharply criticised Luxembourg, alleging that the country is facilitating the funding of Israeli crimes against Palestinians by permitting the sale of Israeli government bonds on European financial markets. The focus of criticism is the Commission de Surveillance du Secteur Financier (CSSF), Luxembourg's independent financial regulator, which granted approval for these bonds. In protest, around 50 demonstrators gathered outside the CSSF headquarters on Route d’Arlon in Luxembourg City on Tuesday, demanding that Luxembourg end its role in this process.
David Pereira, Director of Amnesty International Luxembourg, explained that Amnesty’s research indicates Israel has raised more than €2.4 billion each year by selling these bonds. Pereira argued that the Israeli government has openly stated the proceeds are used to sustain operations that, according to Amnesty and other organisations, amount to genocide, apartheid, war crimes, and widespread human rights abuses.
For Israeli bonds to be offered in the European Union, they require authorisation by a member state. Ireland previously provided this approval, but withdrew its support in 2025 due to public pressure. Luxembourg then granted authorisation, but that approval is due to expire on 31 August. Amnesty International is calling for this authorisation not to be renewed and for all EU countries to refuse similar requests in future.
Pereira stressed: "We are calling on all EU member states to refuse authorisation for these bonds. Whenever there is a risk of human rights violations, war crimes or genocide, as is the case now, every effort must be taken to prevent such atrocities.”
The CSSF has previously addressed these accusations in Luxembourg’s parliamentary Finance Committee, maintaining that its mandate as an independent regulator does not extend to interpreting international law. CSSF Director Claude Marx has said that if European or national sanctions were imposed on Israel over the war against the Palestinians, the CSSF would withdraw its authorisation. Pereira argues, however, that by enabling the transfer of more than €2.4 billion a year, Luxembourg already risks being complicit, and now faces a grave moral and humanitarian responsibility to halt the arrangement.
The decision on whether to renew the CSSF’s authorisation for Israeli bonds is expected before the current approval expires on 31 August.
CSSF Director Claude Marx will address these concerns in a live interview on RTL’s morning programme on Wednesday. Minister of Finance Gilles Roth is also set to respond to the issue in Tuesday evening’s edition of RTL’s Journal.
