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.
