Yemen banks avoid US sanctions by moving from Sanaa to Aden

The Central Bank of Yemen in Aden said that it received a written communication from the majority of commercial banks and banks in Sanaa, informing it of its desire to transfer its main and banking centers to the city of Aden, the temporary capital of the country, in order to avoid the sanctions imposed by the United States based on the classification of the Houthis “a foreign terrorist organization.”

The Houthis have controlled the capital, Sanaa, and several governorates in the north, central and western Yemen since the end of 2014.

to support

The Central Bank of Yemen stressed in a statement, “its readiness and readiness to provide all forms of support and possible protection for all banks and financial and economic institutions to ensure their continued provision of services to Yemeni citizens at home, the Diaspora and in all governorates,” noting that he will ensure the implementation of the full transfer decision and issue certificates.

The bank affirmed its willingness to work with all international and regional financial and relief institutions and cooperate with it in a way that preserves the banking system in Yemen and enables it to carry out its work and tasks without obstacles.

The Central Bank called on all banks and financial and economic institutions to “deal with the event with great responsibility and care in order to preserve the property of citizens and to continue their services and avoid any unfavorable consequences that hold dealings with the financial, regional and international financial and banking system.”

The bank warned of the consequences of indulgence with these developments, stressing the need to adhere to the provisions of the laws in force and observe the rules governing financial and banking dealings with the region and the world.

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‎Houthi classification

On March 4, the US State Department announced the implementation of the Houthi group in Yemen, a “foreign terrorist organization” after US President Donald Trump invited this step earlier this year.

On March 5th, the US Treasury announced the imposition of new sanctions on 7 senior leaders of the Houthi group because they were associated with smuggling weapons and raising funds to support the military operations of the Houthis.

There are approximately 16 commercial banks, including 4 banks licensed to work under the system of Islamic banks, and banks have branches in most of the country’s 22 governorates.