Kuwait has imposed sanctions on Hezbollah's financial arm, Al-Qard al-Hassan Association, as part of efforts to restrict the Lebanese group's funding operations, Asharq Al-Awsat reported on July 29.
The Foreign Ministry's committee responsible for implementing UN Security Council resolutions under Chapter VII announced the designation of Hezbollah and its affiliated association, commonly referred to as the group's banking operation.
The committee also sanctioned three individuals of Lebanese, Tunisian, and Somali nationalities alongside the financial institution in the comprehensive measures targeting Hezbollah's network.
The sanctions include asset freezes and restrictions on economic resources, implemented according to articles 21, 22, and 23 of the committee's executive regulations.
Kuwait's ministry instructed all financial institutions and companies within the country to immediately enforce the new restrictive measures against the designated entities and individuals.
Al-Qard al-Hassan already faces US sanctions and has encountered growing international scrutiny regarding its role in financing Hezbollah's operations across the region.
Lebanon's Central Bank Governor Karim Souaid issued a directive earlier this month prohibiting local banks and financial institutions from conducting business with the association.
Related Articles
US sanctions Indian petchem traders over Iran deals
The US Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned six Indian companies for their involvement in trading petrochemicals produced in Iran, according to a report released by ... more
Uganda close to signing FEED contracts for $4b Hoima oil refinery project with Alpha MBM
Uganda National Oil Company (UNOC) is close to signing Front-End Engineering Design (FEED) contracts for a $4bn oil refinery in Hoima District, local outlet ... more
Kuwait pushes ahead on oil expansion with fresh wave of contracts
Kuwait is advancing its ambitious oil sector expansion programme, awarding a raft of new contracts designed to galvanise its long-term strategy of boosting hydrocarbon output. The state-owned Kuwait ... more
Most Read
-
Renewable capacity growth is faster than ever, but more acceleration needed to meet Paris 2030 goal, says IEA
1 year ago
-
Kyrgyzstan abandons attempt to rescue Russian climber trapped on icy summit of country’s highest mountain
24 days ago
-
BERTRAND: China after Communism, preparing for a post-CCP China
1 month ago
-
Hungarian economy faces weak growth, slow path to price stability, central bank report shows
2 months ago
-
UKRAINE REMONT: The battle to build: signs of recovery in Ukraine's construction industry
5 months ago