Tel Aviv, February 17 (RHC)-- Israel has rejected warnings by the United States that it could face a growing boycott if talks between Israel and the Palestinian Authority fail.

Israeli Prime Minister Benjamin Netanyahu called the boycott threats by U.S. Secretary of State John Kerry “immoral and unjust,” adding that no pressure will force him to renounce what he called Israel’s “vital interests.”

Earlier, two Israeli ministers lashed out at Kerry over his remarks made at the 50th Munich Security Conference in Germany. Speaking at the conference, Kerry warned that the boycott campaign against Israel will intensify in case of a failure in talks between Israelis and the Palestinian Authority. He also said that “Israel's security” is an illusion that is bound to change if the talks fail.

Israel has faced the widening boycott campaign by some European businesses over its illegal settlement activities on the occupied Palestinian land. Two of Europe’s biggest financial institutions have boycotted transactions with Israeli companies involved in the settlement construction.

The European Union has also blocked all grants and funding to any Israeli entity based in the illegal settlements. And the American Studies Association has announced a decision to boycott Israeli institutions and academics over the discriminatory treatment of Palestinians.