US Hits Hezbollah Gold Exchange, Procurement Network with Sanctions
In a statement, the Treasury’s Office of Foreign Assets Control said: "Today, the US Department of the Treasury's Office of Foreign Assets Control took action to disrupt two key mechanisms Hizballah [Hezbollah] uses to sustain its economic stability: revenue generation in coordination with the Iranian regime and exploitation of Lebanon's informal financial sector."
The sanctions target Jood SARL, a gold exchange company operating under Hezbollah’s US-designated Al-Qard Al-Hassan, which reportedly "converts Hizballah's gold reserves into usable funds that sustain the terrorist group's reconstitution."
Additionally, the Treasury acted against an international procurement and commodities shipping network run by Hezbollah financiers, with operations across the region, including Iran.
"Treasury will work to cut these terrorists off from the global financial system to give Lebanon a chance to be peaceful and prosperous again," Secretary Scott Bessent said.
The sanctions block all property and interests in property of designated individuals within the US or under US jurisdiction, requiring that such assets be reported to the Treasury. Entities owned 50% or more by these individuals are also subject to the restrictions.
Hezbollah was designated a Specially Designated Global Terrorist group on Oct. 31, 2001, and recognized as a Foreign Terrorist Organization on Oct. 8, 1997.
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