The US Treasury Department on Thursday sanctioned the International Bank of Yemen (IBY) and three of its top executives, accusing the bank of providing critical financial support to Yemen's Houthi rebels, part of what Washington describes as the "Iran threat network." The Treasury's Office of Foreign Assets Control (OFAC) said the sanctions aim to cut off the Houthis' access to the international financial system, citing the bank's role in enabling the group to carry out destabilizing attacks 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," said Deputy Treasury Secretary Michael Faulkender. The designation, which blocks all property and interests of the bank and its officials under US jurisdiction, follows similar action in January against YemenKuwait Bank for Trade and Investment. IBY, headquartered in Houthi-controlled Sana'a, has allegedly used its access to the SWIFT financial messaging system to facilitate international transactions for Houthi-affiliated entities, including oil purchases. The bank also helped the Houthis confiscate assets from rivals and evade sanctions oversight, according to OFAC. The sanctioned individuals include Kamal Hussain Al Jebry, IBY's chairman; Ahmed Thabit Noman Al-Absi, its executive general manager; and Abdulkader Ali Bazara, deputy general manager. All were designated for their leadership roles in a sanctioned entity under Executive Order 13224, a key US counterterrorism authority. The Treasury emphasised that the move supports the internationally recognised government of Yemen and efforts by the Central Bank of Yemen in Aden to reclaim control of the country's financial system. IBY has refused to relocate its operations from Houthi-held territory despite calls by authorities in Aden. The bank's continued activity, the US argues, undermines efforts to stabilise Yemen's financial sector and end the group's disruption of commercial shipping through the Red Sea. The designation increases the risk of secondary sanctions for financial institutions and foreign actors that continue to deal with IBY or the designated individuals. Attribution: Amwal Al Ghad English
