Aug 29, 2019 - World

U.S. sanctions Lebanese bank for alleged Hezbollah ties

Hezbollah flag

The Hezbollah flag flying in Lebanon. Photo: Mahmoud Zayat/AFP/Getty Images

Senior Trump administration officials announced new sanctions against Lebanon-based Jammal Trust Bank and its subsidiaries, for allegedly helping Iran wire money to U.S.-designated terror group Hezbollah, according to a press call on Thursday.

Why it matters: U.S. officials said the new sanctions should serve as a warning to other countries that intend to manipulate foreign financial institutions to fund Hezbollah and other terrorist organizations. Already, the Iranian economy is struggling due to existing U.S. sanctions that went into effect in mid-2018.

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