Luxembourg has let its authorization for the sale of Israel Bonds expire, stripping Israel of the EU regulatory cover it needs to raise billions from European investors, money that flows into the Israeli government's budget and helps finance its military and its genocide in Gaza. It is the second such refusal in a year: Ireland walked away first, Luxembourg took over, and now it too has stepped back, with pressure mounting on Ireland not to take the bonds back. Amnesty International has warned that selling these bonds risks complicity in genocide, noting Israel raised $4.5bn through them between October 2023 and January 2025.