'Not as bad as it sounds': Former attaché downplays UK-led settlement boycott impact

"Beyond the diplomatic steps Israel took yesterday - which I think were spot on - Israel also has economic leverage. Trade between Israel and the UK is roughly balanced," said Shmuel Ben-Tovim.

"From an economic standpoint, it's not as bad as it sounds," former economic attaché to the UK, Shmuel Ben-Tovim, said in a Wednesday interview with 103FM about the sanctions announced by 12 European countries against the West Bank.

"There have already been all kinds of crises in our relations. Perhaps the most prominent was in 2010 during the Mavi Marmara crisis, which caused relations to sour. After that, things eventually returned to normal," said Ben-Tovim at the beginning of the interview.

"At a rough estimate, products originating directly from settlements account for maybe tens of millions of dollars. I’d also point out that yesterday's announcement requires legislation. That process could take several months, and who knows where things will stand by then?"

Ben-Tovim went on to endorse Jerusalem’s retaliatory measures, including closing the British Consulate in Jerusalem and expelling officials from the Kiryat Gat headquarters.

Israel has economic leverage against the UK

"Beyond the diplomatic steps Israel took yesterday - which I think were spot on - Israel also has economic leverage. Trade between Israel and the UK is roughly balanced."

"Britain relies on us for a wide range of goods," he added, "including in the defense sector. I think the political hit they took was immediate, whereas our economic hit will take longer to materialize. Shutting down the Jerusalem consulate is a very serious step. We’ll have to see how this plays out."

Ben-Tovim's comments come after British Foreign Secretary Ed Miliband announced an import ban on goods from "illegal" settlements in the West Bank, as well as sanctions against specific individuals and businesses providing services such as construction, instruction, financing, or real estate for settlement expansion.