Palestinian President Mahmoud Abbas has asked the Arab League to provide a "safety net" of $100 million a month to cover tax revenues withheld by Israel in retaliation for his attempt to join the International Criminal Court.

During a meeting with Arab foreign ministers in Cairo on Thursday, Abbas also called for the formation of a committee to launch a new bid seeking a U.N. Security Council resolution on ending the Israeli occupation, a month after the council rejected a similar initiative.

The ICC bid is part of a wider strategy aimed at bringing international pressure to bear on Israel. In response, Israel froze the monthly transfer of $120 million in taxes that it collects for the Palestinians, forcing the Palestinian Authority to halt salary payments for 153,000 employees.