Katz imposes economic sanctions on Hezbollah to 'dismantle terror'

"We will not allow Hezbollah and its supporters to continue funding terrorism against the State of Israel," said Katz.

By JERUSALEM POST STAFF NOVEMBER 21, 2024 07:00

Outgoing Israeli minister of Foreign Affairs Israel Katz attends a replacing ceremony at the Ministry of Foreign Affairs in Jerusalem on November 10, 2024. (photo credit: Yonatan Sindel/Flash90)

Defense Minister Israel Katz imposed sanctions against 24 major clients of Al-Qard Al-Hasan, a financial institution affiliated with Hezbollah, the Defense Ministry announced on Thursday.

According to the ministry, the move is part of an ongoing economic campaign against the Lebanon-based terror group and is based on the recommendations from the National Bureau for Counter-Terror Financing of Israel (NBCTF).

The ministry added that the sanctioned individuals have reportedly deposited substantial sums into Al-Qard Al-Hassan, which "directly funds Hezbollah’s operations."

The funding covered the costs for the procurement of weapons, provision of loans, and payment of salaries to the group’s operatives.

Furthermore, the ministry explained that the sanctions are part of a broader economic strategy to disrupt and dismantle terror financing channels. 

A money exchange vendor holds stacks of Lebanese pound banknotes at a shop in Beirut, Lebanon January 19, 2023. (credit: REUTERS/MOHAMED AZAKIR)

Dismantling terrorism through economic sanctions 

"We will not allow Hezbollah and its supporters to continue funding terrorism against the State of Israel," said Katz.

"The economic sanctions I imposed today are part of our efforts to dismantle terror networks and strike at those providing them with financial oxygen. This is a clear and unequivocal message: we will reach anyone who supports terrorism—on every front and by any means," he declared.

According to  Adv. Paul Landes, head of NBCTF, the sanctions imposed on Thursday will aid in identifying and thwarting international financial activities tied to these individuals and their associates.