The Bank of Yemen and Kuwait issued an explanatory statement today, Saturday, in response to the US Treasury Department’s decision to include it on the lists of the Office of Foreign Assets Control (OFAC), stressing that the decision has a political background related to the current escalation between the United States and the Sana’a government, and is not the result of banking violations.  

The bank explained in its statement that the timing and motives of the decision have nothing to do with violating international banking rules, noting that its management works professionally and has not financed any political parties outside the legal frameworks. The bank confirmed that the decision does not affect its financial position, and that its impact is limited to operations of an international nature, while local services continue to operate normally through all branches and electronic channels.  

The statement added that the bank's management is seeking to cancel the decision through official and legal channels, expressing its confidence in its ability to overcome these challenges. The statement concluded by recalling that the Bank of Yemen and Kuwait, which was established in 1977, is one of the oldest private banks in Yemen and a national economic asset, calling on all parties to stand with it to support its continuity.  

The US Treasury Department's decision came as part of its efforts to cut off the illicit financial channels used by the Houthi group. The Treasury indicated that the bank helped the Houthis access the international financial system, launder money, and create front companies to finance their activities.  

The United States affirmed its commitment to cutting off these illegal channels, and to work with the internationally recognized Yemeni government to isolate the banking sector from the influence of the Houthis. It is noteworthy that the Bank of Yemen and Kuwait, based in Sanaa, which is controlled by the Houthi group, is one of the largest commercial banks in Yemen. The Yemeni government had previously stopped dealing with him, along with five other banks, before retracting the decision.