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US imposes sanctions on Houthi funding amid Red Sea threats

US imposes sanctions on Houthi funding amid Red Sea threats

Posted on January 2, 2024   |  

The US has enforced sanctions on an individual and 3 money exchanges for aiding the transfer of millions to the Houthis on behalf of Iran.

This move responds to the Yemen-based militant group's attacks on ships in the Red Sea, causing disruptions in regional trade and diverting half of the container ship fleet to longer routes.

The Treasury applied sanctions to Al Aman Kargo Ithalat Ihracat Ve Nakliyat Limited Sirketi, a Turkey-based money exchanger serving as a conduit for Iranian funds to the Houthis in Yemen.

The Treasury also sanctioned Nabco Money Exchange and Remittance Co. for their involvement in this financial activity.

The president of the Currency Exchangers Association in Houthi-controlled parts of Sanaa faced sanctions for allegedly acting as a financial intermediary for the Houthis' Iranian sponsors and concealing funds' origins through currency conversion via Al Rawda Exchange and Money Transfers Company.



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