REPERCUSSIONS

U.S. Sanctions Hamas’ Financiers Following Surprise Attack on Israel

Hamas reportedly manages a “secret investment portfolio” behind legal front businesses that take in hundreds of millions of dollars.

On Wednesday, the Biden administration imposed new sanctions on Hamas in an effort to disrupt the group’s finances. According to the Associated Press, it targeted 10 members of Hamas, a top Hamas commander, a cryptocurrency exchange in Gaza, and a Qatari financial facilitator with ties to Iran. The Treasury Department previously found that Iran is Hamas’ central sponsor. The Hill reported the U.S. claim that Hamas manages a “secret investment portfolio” behind legal front businesses that take in hundreds of millions of dollars. Janet Yellen, the secretary of the Treasury, stated that the U.S. was blocking Hamas’ financial backers “following its brutal and unconscionable massacre of Israeli civilians, including children.” The U.S. had already established sanctions on Hamas after it labeled it as a terrorist organization in 1997. The latest sanctions come after Hamas’ shock assault on Israel that resulted in roughly 1,000 people killed or abducted. As of Wednesday, the two governments involved in the Israel-Hamas war reported that the conflict has killed more than 1,200 Israelis and at least 3,400 Palestinians.