Israel moves EU approval for diaspora bond to Luxembourg from Ireland amid Gaza protests

Israel moves EU approval for diaspora bond to Luxembourg from Ireland amid Gaza protests
People in support of Palestinians demonstrate in front of the Central Bank of Ireland against the sale of Israeli bonds throughout the EU, in Dublin, Ireland, May 27, 2025. (Reuters)
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Updated 02 September 2025

Israel moves EU approval for diaspora bond to Luxembourg from Ireland amid Gaza protests

Israel moves EU approval for diaspora bond to Luxembourg from Ireland amid Gaza protests
  • Non-EU countries must choose one EU member state to apply to for approval of a prospectus where securities are traded in the EU

DUBLIN: Israel has moved the process of securing EU approval for its diaspora bond prospectus to Luxembourg from Ireland amid increasing opposition in Dublin to its central bank’s role in approving the program on behalf of the European Union.
Irish lawmakers and pro-Palestine campaign groups have called on the central bank to stop facilitating the sale of the bonds over the last year due to Israel’s near two-year military campaign in Gaza that has killed more than 63,000 people, mostly civilians, according to Gaza health officials.
Israel’s diaspora bonds are relatively small and sold mainly in Jewish communities around the world to help supplement the state’s bond sales that finance its budget deficit that has risen due to the war. Israel launched a diaspora bond campaign in October 2023 to raise money amid the conflict.
Non-EU countries must choose one EU member state to apply to for approval of a prospectus where securities are traded in the EU and Ireland’s central bank had been asked to approve Israel’s diaspora bond program each year since 2021.
A joint committee of Irish lawmakers recommended in August that the government seek to amend EU regulations so as to allow each individual European central bank to refuse to act as the competent authority for such bond prospectuses.
Protesters have also demonstrated outside the central bank’s offices.
Ireland is one of the most pro-Palestinian EU member states. It officially recognized a Palestinian state last year and the government is drafting legislation on restricting trade with Israeli settlements in the occupied Palestinian territories.
The Irish central bank had consistently said it is legally obliged to approve any prospectus once the relevant conditions are met.
In a letter to a lawmaker published by the central bank, Governor Gabriel Makhlouf said the approval for Israel’s program would be transferred to Luxembourg upon the expiry of the prior year’s prospectus on Monday.
The new prospectus published on the website of Israel Bonds, the country’s borrowing vehicle for diaspora bonds, said its program for the next year had been approved by Luxembourg.
Israel’s finance ministry said the move was a natural step as the state was already working with Luxembourg in its tradable sovereign debt program. The move will ensure Israel “maintains continuous access to investors worldwide,” it added in an emailed statement.


North Korea sends 5,000 construction troops to Russia: Seoul

North Korea sends 5,000 construction troops to Russia: Seoul
Updated 55 min 2 sec ago

North Korea sends 5,000 construction troops to Russia: Seoul

North Korea sends 5,000 construction troops to Russia: Seoul
  • North Korean leader Kim Jong Un has been emboldened by the war in Ukraine
  • South Korean lawmaker Lee Seong-kweun told reporters that “around 5,000 North Korean construction troops have been moving to Russia in phases since September

SEOUL: North Korea has sent about 5,000 construction troops to Russia since September to help with “infrastructure reconstruction,” a South Korean lawmaker said Tuesday after a briefing by Seoul’s spy agency.
North Korean leader Kim Jong Un has been emboldened by the war in Ukraine, securing critical support from Moscow after sending thousands of troops to fight alongside Russian forces.
South Korean lawmaker Lee Seong-kweun told reporters that “around 5,000 North Korean construction troops have been moving to Russia in phases since September and are expected to be mobilized for infrastructure reconstruction.”
He added that “continued signs of training and personnel selection in preparation for additional troop deployments have been detected.”
The spy agency told lawmakers that about 10,000 North Korean troops were estimated to be currently deployed near the Russia-Ukraine border, according to Lee.
At least 600 North Korean soldiers have died in the Ukraine war and thousands more sustained injuries, according to South Korean estimates.
Analysts say North Korea is receiving financial aid, military technology, and food and energy supplies from Russia in return for sending troops.
That has allowed it to sidestep tough international sanctions imposed over its nuclear and missile programs that were once a crucial bargaining chip for the United States.

- US talks -

Since Kim’s 2019 summit with US President Donald Trump collapsed over the scope of denuclearization and sanctions relief, Pyongyang has repeatedly declared itself an “irreversible” nuclear state.
Pyongyang did not respond to Trump’s offer to meet with Kim last week, and instead its Foreign Minister Choe Son Hui headed to Moscow, where she and Russian President Vladimir Putin agreed to strengthen bilateral ties.
Lee said Seoul’s spy agency believes Kim was open to talks with Washington “and will seek contact when the conditions are in place.”
Although the proposed meeting with Trump did not materialize, “multiple signs suggest” that Pyongyang “had been preparing behind the scenes for possible talks with the US,” said the lawmaker.
In September, Kim appeared alongside Xi Jinping and Russia’s Vladimir Putin at an elaborate military parade in Beijing — a striking display of his new, elevated status in global politics.
An international sanctions monitoring group, the Multilateral Sanctions Monitoring Team, said in a report last month that North Korea was planning to send “40,000 laborers to Russia, including several delegations of IT workers.”
Under UN sanctions, North Korean workers are prohibited from earning money abroad.