Already a subscriber? Make sure to log into your account before viewing this content. You can access your account by hitting the “login” button on the top right corner. Still unable to see the content after signing in? Make sure your card on file is up-to-date.

The US Treasury Department has announced sanctions against a network allegedly funneling Iranian funds to Yemen’s Houthi rebels, known for their intensified assaults on shipping in the Red Sea.

The sanctions target the head of Yemen’s Currency Exchanges Association and three exchange houses in Yemen and Turkey. In a statement, the Treasury said, “These persons have facilitated the transfer of millions of dollars to the Houthis at the direction of U.S.-designated Sa’id al-Jamal, who is affiliated with Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF).”

Entities facing sanctions include Nabil Ali Ahmed Al-Hadha of the Currency Exchangers Association in Yemen, Nabco Money Exchange and Remittance Co., Al Aman Kargo (a Turkey-based courier), and the Houthi-operated Al Rawda Exchange and Money Transfers Company. Funds from IRGC-QF allegedly pass through these entities to support Houthi activities.

Brian E. Nelson, Under Secretary of the Treasury for Terrorism and Financial Intelligence, emphasized the United States’ commitment to impeding illicit funding to the Houthis and their destabilizing activities. He said, “Today’s action underscores our resolve to restrict the illicit flow of funds to the Houthis.”

This comes as the Houthis continue to launch attacks on Red Sea commercial vessels, with the goal of pressuring Israel to stop its military actions in Gaza. The Houthis’ increased aggression has led major shipping firms to halt Red Sea operations, impacting global oil prices and raising concerns about shipping delays.