US sanctions Hezbollah gold exchange, international procurement network

ISTANBUL

The US Treasury Department on Tuesday imposed sanctions on a Hezbollah-linked gold exchange company and an international procurement network.

"Today, the US Department of the Treasury's Office of Foreign Assets Control took action to disrupt two key mechanisms Hizballah [Hezbollah] uses to sustain its economic stability: revenue generation in coordination with the Iranian regime and exploitation of Lebanon's informal financial sector," the agency said in a statement.

The office sanctioned the gold exchange company Jood SARL, which operates under supervision of Hezbollah's US-designated Al-Qard Al-Hassan and "converts Hizballah's gold reserves into usable funds that sustain the terrorist group's reconstitution," according to the statement.

The Treasury Department also targeted an international procurement and commodities shipping scheme orchestrated by Hezbollah financiers, operating across the region, including Iran, the statement said.

"Treasury will work to cut these terrorists off from the global financial system to give Lebanon a chance to be peaceful and prosperous again," Secretary Scott Bessent said.

Under the sanctions, all property and interests in property of designated persons in the US or under control of US persons are blocked and must be reported to the office, the statement said. Entities owned 50% or more by blocked persons are also blocked.

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