A British-registered cargo vessel sinks after being damaged in a missile attack by the Houthis in the Red Sea in February. EPA / Yemeni Al Joumhouriya
A British-registered cargo vessel sinks after being damaged in a missile attack by the Houthis in the Red Sea in February. EPA / Yemeni Al Joumhouriya
A British-registered cargo vessel sinks after being damaged in a missile attack by the Houthis in the Red Sea in February. EPA / Yemeni Al Joumhouriya
A British-registered cargo vessel sinks after being damaged in a missile attack by the Houthis in the Red Sea in February. EPA / Yemeni Al Joumhouriya

US sanctions financial facilitators of Houthis, Hezbollah and IRGC's Quds Force


Kyle Fitzgerald
  • English
  • Arabic

The US on Tuesday sanctioned a group of businesses and two tankers accused of helping enable shipments to Iran's Islamic Revolutionary Guard Corps' Quds Force, Yemen's Houthis and the Lebanese group Hezbollah, the Treasury Department said.

Six entities and one person were also named in the latest round of sanctions. Those sanctioned were either based or registered in Liberia, India, Vietnam, Lebanon or Kuwait.

“Treasury remains resolute in our commitment to deploy our tools against those who seek to fund the illicit activities of the IRGC-QF and its destabilising proxy groups,” said Brian Nelson, undersecretary of the Treasury for terrorism and financial intelligence.

“The United States will continue to take action to disrupt the abuse of international energy markets to facilitate terrorist activities.”

In this sixth round of sanctions since December, the US has ramped up punitive measures against Iran-backed groups following the beginning of the Israel-Gaza war and a growing number of strikes against ships in the Red Sea.

“We will continue to use the tools at our disposal to target those who ship illicit cargo to benefit terrorist groups,” said State Department spokesman Matthew Miller.

Washington also called on the international maritime community to prevent the sanctioned groups from abusing energy markets.

Separately, the US sanctioned 11 people and entities supporting Syrian President Bashar Al Assad's regime through enabling the trafficking of illegal drugs, including Captagon.

Syria is the leading exporter of the drug Captagon, which is trafficked for sale throughout the Middle East and Europe.

US bill targets Syrian regime-linked Captagon drug trade – video

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Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

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Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

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Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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Updated: March 26, 2024, 4:43 PM