The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed new sanctions aimed at disrupting revenue streams and financial networks that support Hizballah, a group designated as a terrorist organization by the United States. The measures target both the group’s coordination with Iran and its activities within Lebanon’s informal financial sector.
Among those sanctioned is Jood SARL, a gold exchange company in Lebanon operating under the supervision of Al-Qard Al-Hassan (AQAH), which itself is tied to Hizballah. According to OFAC, Jood SARL converts gold reserves into funds for Hizballah’s use and operates branches in areas with significant Shiite populations such as Beirut, the Bek’a valley, and Nabatiyeh. Senior AQAH officials Mohamed Nayef Maged and Ali Karnib are identified as co-owners and managing partners of Jood SARL.
“Hizballah is a threat to peace and stability in the Middle East,” said Secretary of the Treasury Scott Bessent. “Treasury will work to cut these terrorists off from the global financial system to give Lebanon a chance to be peaceful and prosperous again.”
The sanctions also address an international procurement scheme involving several individuals and companies across Russia, Iran, Turkiye, Panama, and Saint Kitts and Nevis. The network allegedly procured weapons from Russia for Hizballah and exported Iranian fertilizer using false documentation about its origin. Entities named include Platinum Group International Dis Ticaret Limited Sirketi (Turkiye), Sea Surf Shipping Limited (Turkiye), Brilliance Maritime Ventures S.A. (Panama), Mira Ihracat Ithalat Petrol (Turkey), as well as Russian national Andrey Viktorovich Borisov.
All property belonging to those designated that falls under U.S. jurisdiction is now blocked, along with any entities owned 50 percent or more by one or more blocked persons. Transactions by U.S. persons involving these assets are generally prohibited unless authorized by OFAC.
Violations may result in civil or criminal penalties for both U.S. citizens and foreign nationals involved in prohibited transactions related to these designations. Financial institutions worldwide could also face secondary sanctions if they knowingly facilitate significant transactions on behalf of those sanctioned.
OFAC emphasizes that its sanctions are intended not only as punitive measures but also as tools to encourage changes in behavior among targeted individuals or organizations.
More information about today’s designations can be found on the U.S. Department of the Treasury website.
