France has advised its citizens and companies against doing business with Israeli settlements in the occupied Palestinian territories, according to the Electronic Intifada:Firms were warned that they could face legal action tied to “land, water, mineral and other natural resources” as well as “reputational risks.”

Such a move could have implications for the Israeli economy far beyond activities limited to Israeli settlements themselves, EI reports.

Israeli daily Haaretz stated that the notice was published on the website of the French Foreign Ministry, and as part of a broader document of recommendations for French people traveling to Israel:

“Due to the fact that the settlements are illegal in international law, the performance of financial activity in the settlements such as money transfers, investments, acquisition of property, provision of supplies or the performance of any other economic activities that benefit the settlements involves risks,” the statement translates.

The Palestinian Boycott, Divestment and Sanctions National Committee (BNC) has welcomed the move; Spain, Germany, Italy, Sweden and Luxembourg are reportedly expected to follow suit in the coming days.