Staff Reports
The Biden administration has taken significant steps to disrupt Hamas funding amid the ongoing Israel-Hamas conflict. In response to the October 7 attacks by Hamas on Israel, the United States has imposed sanctions on ten key Hamas leaders and individuals linked to the group's global fundraising network. These sanctions aim to track and seize Hamas-related assets and extend to countries where the group operates, including Gaza, Sudan, Turkey, Algeria, and Qatar.
The sanctions target individuals responsible for managing Hamas's investment portfolio, a Qatar-based financial facilitator with ties to Iran, and a Hamas commander. Furthermore, a Gaza-based platform called "Buy Cash," which offers money transfer and virtual currency exchange services, has been sanctioned due to its alleged connection to Hamas fundraising.
US Sanctions Hamas Leaders, Financiers, Facilitators Over Brutal Israel Assault
The Biden administration on Wednesday issued sanctions to disrupt Hamas funding amid the ongoing Israel-Hamas war.https://t.co/1vrZ4D67Na
— The Epoch Times (@EpochTimes) October 19, 2023
The United States is collaborating with regional partners and allies to execute these sanctions as part of its ongoing commitment to cut off Hamas's financial support. Treasury Secretary Janet L. Yellen emphasized that the U.S. is taking swift and decisive action to target those financing Hamas following their attacks on Israeli civilians. The Treasury Department's Office of Foreign Assets Control reports that Hamas receives funds from Iran and generates substantial revenue through its covert investment portfolio, valued at hundreds of millions of dollars.
These sanctions come after a bipartisan group of lawmakers requested clarification from the Biden administration on how cryptocurrency played a role in financing Hamas's attacks on Israel. The lawmakers urged the administration to take steps to curb illicit cryptocurrency activity to safeguard national security.
In addition to Iran's financial support, Hamas receives contributions from other countries. Qatar provides significant funding, while Turkey, Malaysia, Algeria, and Kuwait offer support through military, diplomatic, and political means. Hamas also collects financial aid through social welfare charities and solicits donations on social media.
The Biden administration has maintained restrictions on Iran's pursuit of ballistic missiles and drones. As U.N. Security Council sanctions on Iran's missile arsenal expired, the U.S. remains committed to countering Iran's development, procurement, and proliferation of missiles and other dangerous weapons. Sanctions have been imposed on individuals and entities involved in Iran's ballistic missile and drone programs from Iran, China, Hong Kong, and Venezuela.
President Biden's recent visit to Israel aimed to express support for the country and encouraged Israeli leaders to show empathy for the Palestinian people in Gaza. Israel has agreed to permit Egypt to deliver conditional aid to Gaza, with safeguards to prevent supplies from reaching Hamas.
While the impact of President Biden's trip on reducing tensions in the region remains uncertain, it underscores the administration's solidarity with Israel. The U.S. is taking decisive actions to disrupt Hamas funding and counter Iran's missile pursuits, reaffirming its commitment to supporting its allies and combating terrorism.
