The U.S. Department of the Treasury moved Thursday to disrupt what officials described as two key financial pipelines sustaining Hezbollah, targeting a Lebanon-based gold exchange and an international procurement and shipping network tied to the Iran-backed group.
The Treasury’s Office of Foreign Assets Control designated Jood SARL, a Lebanese gold exchange company it said operates under the supervision of Al-Qard Al-Hassan, an entity previously sanctioned by the U.S. Jood allegedly converts Hezbollah gold reserves into liquid funds used to support the group’s operations.
Treasury Secretary Scott Bessent said the action aims to cut off Hezbollah’s access to the global financial system.
“Hezbollah is a threat to peace and stability in the Middle East,” Mr. Bessent 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.”
The sanctions were issued under Executive Order 13224, the primary U.S. counterterrorism authority used to designate individuals and entities that provide support to terrorist organizations. Hezbollah was designated as a Foreign Terrorist Organization in 1997 and later as a Specially Designated Global Terrorist.
According to Treasury, senior officials at Al-Qard Al-Hassan established Jood SARL as part of a broader effort to shield financial activity and mitigate liquidity pressures. The agency said Jood operates branches in areas of Lebanon where Hezbollah maintains strong support and that the company is overseen by Samer Hasan Fawaz, a previously designated Hezbollah affiliate. Additional executives, including Mohamed Nayef Maged and Ali Karnib, were also designated for allegedly providing material support.
Treasury also sanctioned a separate revenue-generating scheme involving Iran-based Hezbollah financier Ali Qasir and a network of associates operating in Russia and Turkey. The agency said Moscow-based Andrey Viktorovich Borisov worked with Qasir on weapons procurement and commodities trading designed to generate revenue for the group.
In one transaction cited by officials, Turkey-based Platinum Group International Dis Ticaret Limited Sirketi allegedly facilitated the export of millions of dollars in Iranian fertilizer falsely declared as originating in Oman. The shipment involved vessels linked to Sea Surf Shipping Limited and Brilliance Maritime Ventures S.A., both of which were designated, along with the vessels LARA and BRILLIANCE as blocked property.
The action reflects Washington’s continued use of financial sanctions as a tool to counter Iran-backed militant groups and restrict access to informal financial systems in Lebanon, where Hezbollah exerts significant political and economic influence. Al-Qard Al-Hassan, which presents itself as a non-governmental organization, has long drawn scrutiny from U.S. officials who say it functions as a shadow banking network for the group.
Under the sanctions, all property and interests in property of the designated individuals and entities within U.S. jurisdiction are blocked. U.S. persons are generally prohibited from engaging in transactions with them. Foreign financial institutions that conduct significant transactions on behalf of designated parties risk secondary sanctions, including restrictions on access to the U.S. financial system.
Treasury officials emphasized that sanctions are intended to change behavior rather than serve as punishment, noting that designated parties may petition for removal from the Specially Designated Nationals list if they can demonstrate compliance with U.S. law.
The latest designations underscore the administration’s broader strategy of targeting illicit financing networks that operate through informal cash economies and cross-border commodity trades, particularly those tied to Iran and its regional proxies.
By: DNU staff