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US sanctions on Yemen's international bank, the situation in the Red Sea region is once again turbulent | Maritime export logistics

Apr 21,2025

The U.S. Treasury Office of Foreign Assets Control (OFAC) recently announced sanctions against the International Bank of Yemen (IBY) and three of its executives, accusing the bank of providing financial support to the Iranian-backed Houthis. The move further heightened tensions in the Red Sea region and had far-reaching implications for the international financial and shipping industry.

According to the deputy finance minister, IBY provides international financial transaction services to the Houthis through the SWIFT network, and plays a key role in assisting Houthi-related businesses in purchasing oil and circumventing sanctions.

The sanctions target not only IBY but also three of its executives: Kamal Hussain Al Jebry, chairman of the board, Ahmed Thabit Noman Al-Absi, executive general manager, and Abdulkader Ali Bazara, deputy general manager. Under the sanctions, all assets and property interests of these individuals in the United States will be frozen, and U.S. citizens and entities will be prohibited from dealing with them.

The sanctions are in the United States will be reclassified as the Houthis "foreign terrorist organization" after another overweight operation. For the shipping industry, this means that international Red Sea shipping insurance, risk ratings, port mooring strategies and more will be affected by the policy changes. Shipping companies may need to reassess the risks and adjust routes and insurance strategies to deal with the potential uncertainty.

Notably, the UN has warned that cutting Yemeni banks off the SWIFT system could have "catastrophic consequences" for the country's economic and humanitarian situation.

Yemen was currently facing a serious humanitarian crisis, with more than half of the population in need of assistance and more than 2 million children at risk of severe malnutrition. The sanctions are likely to further exacerbate Yemen's economic woes and affect the delivery of humanitarian aid.

The U.S. sanctions against international banks in Yemen and their executives reflect its determination to crack down on Houthi financial networks. However, the move poses new challenges to the shipping industry in the Red Sea region and the humanitarian situation in Yemen.

The international community needs to pay close attention to the development of the situation and seek to balance the relationship between sanctions and humanitarian assistance to avoid a greater impact on regional stability and humanitarianism.

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