US Sanctions Hezbollah Gold Exchange to International Procurement Network

JAKARTA - The United States (US) Department of the Treasury has imposed sanctions on a gold exchange company linked to Hezbollah and an international procurement network.

"Today, the Office of Foreign Assets Control of the US Department of the Treasury took action to disrupt two key mechanisms used by Hezbollah to maintain its economic stability: generating revenue in coordination with the Iranian regime and exploiting Lebanon's informal financial sector," the US Treasury said in a statement. reported by ANTARA from Anadolu, Wednesday, February 11.

The office sanctioned gold exchange company Jood SARL, which operates under the supervision of Al-Qard Al-Hassan, designated by the US as part of Hezbollah and "converted Hezbollah's gold reserves into funds that can be used to support the reconstruction of the terrorist group," according to the statement.

The Ministry of Finance also targets international procurement schemes and the delivery of commodities regulated by Hezbollah financiers, which operate throughout the region, including Iran, the statement said.

"The Department of the Treasury will work to cut off these terrorists from the global financial system to give Lebanon the opportunity to return to peace and prosperity," said US Treasury Secretary Scott Bessent.

Under the sanctions, all property and interests in property of persons designated in the US or under the control of US citizens are blocked and must be reported to the office, according to the statement.

Entities owned 50 percent or more by the blocked people are also blocked.

The US designated Hezbollah as a Specially Designated Global Terrorist on October 31, 2001, and as a Foreign Terrorist Organization on October 8, 1997.