Washington: The US Treasury Department has announced sanctions on a Hezbollah-linked gold exchange company and an international procurement network in a strategic move to undermine the economic stability of the organization.

According to Anadolu Agency, the Treasury's Office of Foreign Assets Control (OFAC) stated that the sanctions aim to disrupt Hezbollah's revenue generation efforts, which are reportedly conducted in coordination with the Iranian regime and through the exploitation of Lebanon's informal financial sector. The office has sanctioned Jood SARL, a gold exchange company operating under the supervision of Hezbollah's US-designated Al-Qard Al-Hassan. Jood SARL is accused of converting Hezbollah's gold reserves into usable funds to support the group's activities.

The sanctions also target an international procurement and commodities shipping scheme orchestrated by Hezbollah financiers, which operates across the region, including Iran. This scheme is considered a key mechanism for Hezbollah to sustain its economic operations.

Treasury Secretary Scott Bessent emphasized the department's commitment to cutting off these activities from the global financial system, stating that such measures are intended to give Lebanon an opportunity for peace and prosperity. The sanctions entail blocking all property and interests in property of designated persons within the US or under US control. Additionally, entities owned 50% or more by blocked persons are also subject to these restrictions.

Hezbollah has been recognized by the US as a Specially Designated Global Terrorist since October 31, 2001, and as a Foreign Terrorist Organization since October 8, 1997, highlighting the longstanding concerns regarding its activities.