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US Treasury imposes sanctions on IBY bank for financing Houthi terrorist militia

[17/04/2025 06:37]

WASHINGTON - SABA
The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury today imposed sanctions on the International Bank of Yemen (IBY) for its financial support of the Houthi terrorist militias, as part of U.S. efforts to halt Houthi attacks supported by the Iranian regime on commercial shipping in the Red Sea.

In a press statement published by the U.S. Embassy in Yemen, the office noted that as part of this designation, sanctions are being imposed on Kamal Hussein Al-Jabri, the Chairman of the Board of Directors of the International Bank of Yemen; Ahmed Thabit Numan Al-Absi, the bank's CEO; and Abdul Qadir Ali Bazara'a, the Deputy General Manager of the bank.

U.S. Deputy Secretary of the Treasury Michael Fulkander stated: "Financial institutions, like the International Bank of Yemen, are critical to the Houthis' efforts to access the global financial system and pose a threat to both the region and international trade."

The Treasury Department affirmed its commitment to working with the internationally recognized Yemeni government to disrupt the ability of the Houthi terrorist militias to secure funds and purchase key components for their destabilizing attacks, supporting the sovereignty of the Yemeni government over the Yemeni banking system.

The statement indicated that the action taken today against the International Bank of Yemen and its officials follows the designation of the Yemen and Kuwait Bank for Trade and Investment on January 17, 2025, further targeting the Houthis' access to and exploitation of the Yemeni banking sector.

The U.S. Treasury noted that the Houthi terrorist militias have taken control of the International Bank of Yemen, which provides the terrorist group access to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network for conducting international financial transactions.

The bank has facilitated the Houthis' attempts to evade scrutiny and bypass sanctions by mobilizing resources, allowing companies and officials linked to the Houthis to purchase oil via the bank's SWIFT network and seize the assets of Houthi opponents. Furthermore, the bank has refused to comply with requests from the Central Bank of Yemen in Aden for information in order to avoid revealing details of its assistance to the Houthis.