Some 776 financial institutions in the European Union sent billions of dollars for the construction of illegal Israeli settlements on occupied Palestinian territories, a nongovernmental organization (NGO) said Wednesday.

A report by the Don't Buy into Occupation (DBIO), a Palestinian civil society organization, showed that 776 European financial institutions supported 51 companies operating in the construction of illegal Jewish settlements.

According to the report, between January 2020 and August 2023, the financial institutions provided $164.2 billion to the companies working for illegal Jewish settlements.

The top 10 institutions that made a major contribution to the $116.55 billion include BNP Paribas ($22.19 billion), HSBC ($14.21 billion), Deutsche Bank ($13.23 billion), Societe Generale ($12.4 billion), KfW ($11.29 billion), Barclays ($10.63 billion), Credit Agricole ($10.29 billion), Santander ($8.61 billion), ING Group ($7.05 billion) and UniCredit ($6.66 billion).

Antoine Madelin, an official with the International Federation for Human Rights (FIDH), a member of the DBIO, said in a statement that European financial institutions bear a great responsibility for the serious violations committed in the occupied territories.

Madelin stressed that European financial institutions must ensure that their activities do not contribute to the perpetuation and expansion of these settlements, which are illegal under U.N. resolutions and international humanitarian law.