Barran Press
The U.S. Treasury Department announced sanctions on Thursday, April 17, against Yemen International Bank (IBY) and three of its senior executives for allegedly providing financial support to the Iran-backed Houthis. This marks the second Houthi-controlled bank to face U.S. sanctions recently, following similar measures against Yemen and Kuwait Bank in February.
According to the Treasury, IBY, operating in Houthi territory, facilitated the group's access to the SWIFT system for international financial transactions. The bank reportedly processed oil purchases for Houthi-affiliated entities, helped them evade sanctions, and assisted in seizing assets from political opponents. The Treasury also stated IBY refused to cooperate with information requests from the Central Bank in Aden to conceal these activities.
The sanctioned executives are: Kamal Hussein Al-Jabri (Chairman), Ahmed Thabet Noaman Al-Absi (CEO), and Abdulqader Ali Bazaraah (Deputy General Manager).
Under Secretary of the Treasury Brian Nelson stated that banks like IBY are "crucial to the Houthis’ ability to access the international financial system" and pose a threat to regional stability. He affirmed the U.S.'s commitment to working with Yemen's recognized government to disrupt Houthi financial networks.
This action follows sanctions on Yemen and Kuwait Bank on January 17, 2025, and reinforces U.S. efforts to curb Houthi exploitation of Yemen’s banking sector and support the Aden-based Central Bank's authority.
Following the earlier sanctions, eight commercial banks, including Tadhamon Bank and Al Kuraimi Islamic Microfinance Bank, announced their relocation from Houthi-controlled Sana'a to Aden to avoid U.S. sanctions.
These measures follow the full implementation on March 3, 2025, of the U.S.'s designation of the Houthis as a foreign terrorist organization. Banks in Sana'a now face increasing restrictions on international transactions, risking frozen accounts and disconnection from global networks, forcing them to align with the Central Bank in Aden or face financial isolation.