A years-long campaign of direct action by British pro-Palestine activist group Palestine Action has yielded a key victory, after regulatory filings confirmed UK banking giant Barclays has liquidated all of its holdings in Elbit Systems Ltd., Israel’s largest weapons manufacturer.
Recent filings submitted to the U.S. Securities and Exchange Commission (SEC) show that as of the latest update, Barclays holds zero shares in Elbit, which trades on the NASDAQ under the ticker ELST. This marks a full exit from the position the bank held as of the 15 May 2024 filing, when it held 16,345 shares valued at more than $3.4 million.
Palestine Action, which has targeted Barclays for its ties to the Israeli arms industry over the past 12 months, attributes the full divestment to the intensity of its pressure campaign. “The most recent SEC filings and NASDAQ data record an immediate total sale of Barclays’ ELST shares, abruptly sold just when Palestine Action’s campaign hit them hardest,” the group said in a statement.
The banking group has pushed back on framing the sale as a divestment, however, disputing the characterization of its share holdings as an active investment. In comments provided to Middle East Eye, a Barclays spokesperson clarified that the bank only holds shares of listed companies as part of executing trades on behalf of clients, rather than making direct investments for its own portfolio.
“Barclays trades in shares of listed companies in response to client instruction or demand and that may result in us holding shares,” the spokesperson explained. “We are not making investments for Barclays and Barclays is not a ‘shareholder’ or ‘investor’ in Elbit Systems in that sense, and therefore cannot divest; it would be misleading to suggest otherwise. We continue provide a range of financial services to the defence sector, including US, UK and European defence companies.”
Over the past year, Palestine Action has organized 54 separate protest actions across the United Kingdom targeting Barclays locations. Some of these actions have included property damage, such as smashing branch windows and spraying exteriors with red paint, a tactic the group uses to symbolize civilian bloodshed in Gaza. The organization frames its campaign as a response to Elbit’s role in arming the Israeli military during its ongoing war in Gaza, which began in October 2023. Palestine Action accuses Elbit of complicity in what it describes as genocidal acts against Palestinian civilians in the enclave.
This is not the first time the group has targeted firms tied to Elbit. It has previously organized direct actions at British properties linked to the weapons manufacturer, occasionally resulting in property damage and occupation of sites. The group openly embraces radical direct action tactics, including sabotage of infrastructure it says enables what it calls “destructive and lethal business operations.” Dozens of Palestine Action activists have been arrested over the past year for their actions targeting Barclays, with estimated property damage ranging from £250,000 to £500,000.
Despite the full sale of Elbit shares, Palestine Action says its campaign is not over. The group warned it would resume pressure if Barclays ever takes a position in Elbit again, and pledged to continue targeting all financial institutions that do business with the Israeli arms firm.
“Through a focused strategy, direct action has achieved multiple successes and forced the hands of many complicit institutions,” a Palestine Action spokesperson said. “We will remain committed and focused to the task at hand and target any and all institutions and businesses which enable Israel’s biggest weapons firm to maintain their genocidal operations. That means, if Barclays does reinvest into Elbit Systems in the future, Palestine Action will come knocking again.”
The divestment from Elbit comes amid broader pressure on Barclays over its financial ties to Israeli-linked arms firms. In May 2024, a coalition of Palestinian solidarity organizations published a report claiming Barclays held a total of £2 billion in investments and interests in companies that supply arms to Israel. That list includes major international defense contractors such as U.S.-based General Dynamics, which manufactures components for Israeli military warplanes, alongside BAE Systems and Raytheon. Barclays responded to the report by noting it provides standard financial services to defense companies that supply NATO and allied nations, including Israel.
In August 2024, the Financial Times reported that Barclays was planning to step back from participating in new Israeli government bond auctions, a move that came amid ongoing pressure from pro-Palestine activists. The report noted the decision was part of a broader effort by the bank to address widespread criticism of its financial ties to Israel.









