A legislative initiative prohibiting Israeli institutional bodies from investing in international companies that have significant business ties with Iran was presented to the Knesset Wednesday.
The bill was presented by Opposition Chairman MK Benjamin Netanyahu (Likud), and signed by members of the Likud, Kadmia, Labor, Israel Our Home, and Meretz parties. According to Netanyahu, Prime Minister Ehud Olmert also backed the proposal.
The opposition chairman said that similar bills had recently passed in the United States, in Missouri and Georgia. Texas, California, Massachusetts, North Carolina, and other states are expected to vote on similar bills in the near future.
“Israel should be in the forefront of this,” Netanyahu said, speaking of the initiative.
Netanyahu was inspired by the success of economic sanctions on companies that did business with the apartheid regime in South Africa.
According to him, Iran faces economic difficulties already; oil production has fallen 10 percent each year, and the economic sanctions by the West have negatively influenced investments by foreign companies in Iranian oil fields.
Netanyahu’s bill will put more pressure on Iran’s economy, and eventually, may lead to the fall of the Iranian regime, just as similar pressure did in South Africa.
“The Iranian people chose (Mahmoud) Ahmadinejad because of his promise for a better financial future. Signs of disappointment are appearing now, and the president’s party has already suffered its first defeat in regional elections recently held,” Netanyahu pointed out.