Netanyahu backs US sanctions on ICC, calls it a ‘kangaroo court’

Israeli Prime Minister Benjamin Netanyahu has expressed support for U.S. Secretary of State Marco Rubio following the United States’ imposition of sanctions on International Criminal Court (ICC) officials. The sanctions were enacted as a response to the ICC’s investigations into alleged war crimes in Gaza, which include cases against Netanyahu himself. Netanyahu criticized the ICC, labeling it a “kangaroo court” and accusing it of abuses of power. This move marks a significant diplomatic escalation involving Israel, the United States, and the ICC, though it does not represent an increase in military actions on the ground. The U.S.’s decision to sanction ICC officials and Netanyahu’s subsequent support for Rubio may impact geopolitical dynamics, particularly regarding the recognition of Palestine. Markets monitoring the likelihood of U.S. recognition of Palestine before 2027 have observed a downward trend in probabilities, possibly reflecting increased opposition to recognition amidst heightened diplomatic tensions. As of now, pricing suggests a low probability of such recognition, with odds continuing to decrease. This development underscores the complex interplay between internati...