The Trump administration announced sanctions against the International Bank of Yemen Y.S.C. (IBY) on Thursday for its financial support of Houthi terrorists.
Along with the bank, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning key leaders of IBY, like its Chairman of the Board of Directors 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. hopes to stop Houthi attacks on commercial ships in the Red Sea.
‘Financial institutions like IBY are critical to the Houthis’ efforts to access the international financial system and threaten both the region and international commerce,’ Deputy Secretary of the Treasury Michael Faulkender said. ‘Treasury remains committed to working with the internationally recognized government of Yemen to disrupt the Houthis’ ability to secure funds and procure key components for their destabilizing attacks.’
Based in Sana’a, Yemen, the IBY is controlled by the Iran-backed Houthis and provides the group with access to the bank’s Society for Worldwide Interbank Financial Telecommunications (SWIFT) network to make international financial transactions, the Treasury said.
The IBY, for instance, has allegedly aided Houthi businesses and officials to pursue oil on the SWIFT network, while also facilitating attempts by the terrorist group to evade sanctions oversight.
Under Thursday’s sanctions, all property and interests in property of the leaders named, that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. Additionally, any entities that are owned, directly or indirectly, individually or in the aggregate, 50 percent or more by one or more blocked persons are also blocked.
OFAC’s regulations generally prohibit all transactions by U.S. persons or within, or transiting, the United States that involve any property or interests in property of designated or otherwise blocked persons.
U.S. State Department spokesperson Tammy Bruce spoke about the sanctions during a press briefing Thursday, sending a message to anyone who supports foreign terrorist organizations like the Houthis.
‘The United States is committed to disrupting the Houthi financial networks and banking access as part of our whole-of-government approach to eliminating Iran’s threat network,’ she said. ‘Moreover, we can confirm the reporting that Chang Guang Satellite Technology Company Limited (CGSTL) is directly supporting Iran-backed Houthi terrorist attacks on U.S. Interests. Their actions and Beijing’s support of the company, even after our private engagements with them, is yet another example of China’s empty claims to support peace.
She continued, urging partners of the U.S. to judge the Chinese Communist Party and Chinese companies on their actions, and not just their words.
‘Restoring freedom of navigation in the Red Sea is a priority to President Trump,’ Bruce said. ‘Beijing should take this priority seriously when considering any future support of CGSTL. The United States will not tolerate anyone providing support to foreign terrorist organizations such as the Houthis.’