US Sanctions Yemen Kuwait Bank for Houthi Funding

The U.S. Department of the Treasury has imposed sanctions on Yemen Kuwait Bank for allegedly financing the Iran-backed Houthis, who have conducted over 100 attacks on ships since November 2023, disrupting global shipping and raising inflation concerns. The sanctions are part of a broader strategy to disrupt financial networks supporting the Houthis and their allies, including Lebanon's Hezbollah. Investigations revealed that the bank facilitated money laundering and the establishment of front companies to support Houthi operations. The sanctions freeze the bank's U.S.-based assets and prevent American entities from conducting transactions with it. This move reflects the Biden administration's commitment to countering Houthi influence as it prepares for the transition to the incoming presidency. Additionally, the U.S. and British operations continue to safeguard commerce in the Red Sea against Houthi threats.