On Saturday, finance ministers from the Group of Seven (G7) major industrialized countries urged Israel to release the withheld clearance funds for the Palestinian Authority. The statement noted that "G7 finance ministers call on Israel to release the withheld clearance revenues for the Palestinian Authority in light of urgent financial needs." The draft statement also mentioned that "G7 finance ministers call on Israel to ensure the continued maintenance of correspondent banking services between Israeli and Palestinian banks."
Israeli Finance Minister Bezalel Smotrich pointed out that "the possibility of not renewing an exemption ending on July 1 allows Israeli banks to process payments in shekels for services and salaries related to the Palestinian Authority." U.S. Treasury Secretary Janet Yellen emphasized the importance of maintaining correspondent banking relations between Israeli and Palestinian banks to enable the struggling economies in the West Bank and Gaza Strip to function and contribute to ensuring security.
