US and Seven Middle Eastern Nations Impose Financial Sanctions on Hezbollah, Move to Cut Off Funding

Reuters Yonhap News

The United States Department of the Treasury announced on June 30 (local time) that member countries of the Terrorist Financing Targeting Center (TFTC)—a coalition comprising the US and key Middle Eastern nations—have imposed financial sanctions against Hezbollah, the Iran-backed militant group in Lebanon.

According to the US Treasury, the TFTC has jointly designated various core elements of Hezbollah's financial network for sanctions, including five institutions under Hezbollah and 16 individuals. As a result, Al-Qard Al-Hassan and Bayt Al-Mal—known as Hezbollah-linked underground financial organizations—as well as the senior leaders of these organizations, have been included in the sanctions list.

The US Treasury stated, "The networks designated by the TFTC today threaten regional stability, international security, mutual interests, and global trade," adding, "By restricting Hezbollah's access to funds, TFTC member countries are protecting the integrity of the international financial system, supporting the people of Lebanon, and countering terrorist networks."

Meanwhile, the TFTC was established to track and block the financial flows of terrorist organizations in the Middle East. The United States and Saudi Arabia serve as co-chairs, and the seven member nations include Bahrain, Kuwait, Oman, Qatar, and the United Arab Emirates (UAE). The TFTC was launched in May 2017 during the first term of US President Donald Trump. Including this latest action, the TFTC has imposed sanctions a total of nine times, and this is the third such measure since the start of the Trump Administration's second term.

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