Trump admin imposes sanctions against Bank of Yemen for supporting Houthis
The Trump administration has taken a strong stance against the International Bank of Yemen Y.S.C. (IBY) for its financial support of Houthi terrorists. The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against the bank and key leaders, including Chairman Kamal Hussain Al Jebry, Executive General Manager Ahmed Thabit Noman Al-Absi, and Deputy General Manager Abdulkader Ali Bazara.
By sanctioning IBY, the U.S. aims to halt Houthi attacks on commercial ships in the Red Sea. Deputy Secretary of the Treasury Michael Faulkender emphasized the role of financial institutions like IBY in providing the Houthis access to the international financial system, enabling them to threaten the region and international commerce.
IBY, based in Sana’a, Yemen, is controlled by the Iran-backed Houthis and facilitates the group’s access to the SWIFT network for international financial transactions. The bank has allegedly aided Houthi businesses and officials in procuring oil on the SWIFT network and evading sanctions oversight.
Under the sanctions, all property and interests in property of the sanctioned leaders in the U.S. or under U.S. control are blocked and must be reported to OFAC. Entities owned 50% or more by blocked persons are also subject to sanctions.
State Department spokesperson Tammy Bruce issued a warning to those supporting foreign terrorist organizations like the Houthis, emphasizing the U.S. commitment to disrupting Houthi financial networks and banking access as part of efforts to eliminate Iran’s threat network.
Furthermore, Bruce highlighted the support of Chang Guang Satellite Technology Company Limited (CGSTL) in Houthi terrorist attacks on U.S. interests, calling out China for its backing of the company despite U.S. engagement. She urged partners to assess the actions of the Chinese Communist Party and Chinese companies rather than just their words.
Restoring freedom of navigation in the Red Sea is a top priority for President Trump, according to Bruce. She emphasized the U.S.’s intolerance for support to foreign terrorist organizations like the Houthis and called on Beijing to take this priority seriously when considering any future support for CGSTL.
The sanctions against IBY and its leaders demonstrate the Trump administration’s commitment to disrupting the financial networks of terrorist groups and ensuring the security of international commerce and navigation in the Red Sea.
