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US Sanctions Yemen Kuwait Bank in Sana'a for Supporting Iran-Backed Houthis

Jan 17, 2025, 06:32 PM

The United States has imposed sanctions on Yemen Kuwait Bank for Trade and Investment, based in Sana'a, Yemen, due to its financial support to the Iran-backed Houthi movement, officially known as Ansarallah. The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced these sanctions, citing the bank's role in aiding the Houthis to access the international financial system and finance their destabilizing attacks in the region. The Houthis, designated as a terrorist organization by the U.S., have been involved in attacks against U.S. military personnel, regional partners, and commercial shipping in the Red Sea. The sanctions aim to disrupt the financial networks that support the Houthis' regional aggression, with the U.S. committed to using all available tools to block their access to the U.S. and global financial systems. Yemen Kuwait Bank has also been implicated in transferring funds to allies like Hizballah and facilitating Iranian oil sales.