US announces sanctions on International Bank of Yemen for 'enabling the Houthis'

The United States has announced sanctions on Yemen’s International Bank of Yemen (IBY), alleging that the financial institution is enabling the Houthi group’s access to global finance.

The US Treasury alleged that IBY plays a crucial role in helping the Houthis, which Washington describes as part of “the Iran threat network”, secure international funding.

“Financial institutions like IBY are critical to the Houthis’ efforts to access the international financial system and threaten both the region and international commerce,” said Deputy Treasury Secretary Michael Faulkender in a statement on Thursday.

He added that Washington is working closely with Yemen’s internationally recognised government to “disrupt the Houthis’ ability to secure funds and procure key components for their destabilising attacks.”

Alongside the bank, several individuals tied to IBY were also sanctioned.