A UN report has sharply condemned multinational corporations for aiding and profiting from what it describes as Israel’s ongoing genocide in Gaza, accusing them of enabling war crimes and calling for international legal action.

UN special rapporteur Francesca Albanese presented a scathing report to the Human Rights Council on July 3, asserting that Israel’s campaign in Gaza has created a “lucrative” war economy for global firms. Titled “From Economy of Occupation to Economy of Genocide”, the report claims corporations have helped sustain the military onslaught through weapons supplies, technology, infrastructure support, and financial investment.

“This report shows why Israel’s genocide continues: because it is lucrative for many,”

UN special rapporteur Francesca Albanese

Among the firms named are:

• Lockheed Martin, for its central role in supplying F-35 fighter jets used in “beast mode” bombings.
• Palantir, for software support to Israeli military operations.
• Volvo, for supplying demolition machinery allegedly used to raze Palestinian homes.
• BNP Paribas, Barclays, Pimco, Vanguard, and other financial institutions for purchasing Israeli treasury bonds to help fund the war.

Genocide Accusation and Legal Demands

Albanese reiterated her longstanding view that Israel’s campaign constitutes genocide, citing over 56,000 Palestinian deaths and widespread destruction. “After five months, I could tell you it was genocide,” she told The Guardian, emphasizing that the ICJ has already acknowledged the potential for genocide.

She called for sanctions, an arms embargo, and for the International Criminal Court and national courts to investigate and prosecute corporate executives involved in supporting war crimes.

Companies Defend Involvement or Deny Allegations

Some companies responded:

Palantir denied links to targeting programs but admitted supporting Israeli defense efforts.

Volvo said much of its machinery in Gaza was sold secondhand and that it imposes human rights conditions on partners.

Vanguard stated it follows international legal standards in its investments.

Others, including Lockheed Martin, referred inquiries to the U.S. government, citing that military sales are conducted through state agreements.

Financial Institutions and Ethical Oversight

The report also highlights the role of sovereign wealth funds and pension groups. Norway’s Government Pension Fund Global (GPFG) increased its Israeli investments by 32% since October 2023. KLP, another Norwegian fund, recently divested from two arms suppliers over Gaza-related concerns.

Albanese cited the Nuremberg trials of industrialists and South Africa’s truth commission as precedents for corporate accountability in wartime atrocities. She also referred to the UN’s own 2011 guiding principles, which obligate businesses to avoid infringing human rights and to mitigate harm linked to their operations.