The Biden administration has implemented sanctions aimed at disrupting Hamas funding during the ongoing Israel-Hamas war. In response to Hamas’s attacks on Israel on October 7th, the United States announced sanctions on ten key Hamas leaders and individuals affiliated with the group’s global fundraising network. These financial penalties are intended to track and seize Hamas-related assets and extend to countries such as Gaza, Sudan, Turkey, Algeria, and Qatar where the group operates. The Treasury Department’s Office of Foreign Assets Control (OFAC) has sanctioned members responsible for overseeing a Hamas investment portfolio, a Qatar-based financial facilitator with ties to the Iranian regime, a Hamas commander, and a Gaza-based platform called “Buy Cash” that provides money transfer and virtual currency exchange services to the terrorist group. These sanctions are part of the United States’ ongoing commitment to eliminating Hamas’s financial support.
Secretary of the Treasury Janet L. Yellen stated that the United States is taking action to target Hamas’s financiers and facilitators in response to their brutal attacks on Israeli civilians. The Treasury Department has a history of effectively disrupting terror finance and will continue to use its tools against Hamas to deny them the ability to raise and use funds for acts of terrorism. OFAC reports that Hamas receives funds from Iran and generates substantial revenue through secretive investments valued at hundreds of millions of dollars scattered across various countries. Companies affiliated with Hamas have attempted to conceal their involvement by posing as legitimate businesses. The investment network is directed by top Hamas leaders and has allowed them to live luxuriously while ordinary Palestinians in Gaza face difficult living and economic conditions.
The declaration of sanctions follows a letter from a bipartisan group of lawmakers urging the Biden administration to address cryptocurrency’s role in financing Hamas’s recent attacks on Israel. The letter requested answers regarding Treasury’s plans to combat the national security threats posed by the use of cryptocurrency for terrorism financing.
Hamas allegedly receives financial support from several countries. Iran provides approximately $100 million per year to support Hamas, while Qatar contributes around $120 million per year. Turkey, Malaysia, Algeria, and Kuwait reportedly assist Hamas through military, diplomatic, and political means. Hamas also gathers financial support through social welfare charities, which play a direct role in facilitating their terrorist attacks. Donations are openly sought on social media platforms. In 2019, an individual from New Jersey was indicted for providing financial support to Hamas and making threats to pro-Israel demonstrators.
Additionally, the Biden administration has expressed its intention to maintain restrictions on Iran’s ballistic missile and drone pursuits. As U.N. Security Council sanctions on Iran’s missile arsenal expired, the United States affirmed its commitment to counter Iran’s development, procurement, and proliferation of missiles and other dangerous weapons. The U.S. has also imposed sanctions on individuals and entities involved in Iran’s ballistic missile and drone endeavors from Iran, China, Hong Kong, and Venezuela.
President Biden’s visit to Israel was aimed at showing support for the country while urging Israeli leaders to address the humanitarian crisis in Gaza. Israel has agreed to allow conditional aid through the Rafah crossing, as long as it strictly consists of food, water, and medicine for the civilian population and does not reach Hamas. President Biden’s trip occurred amidst the al-Ahli Baptist Hospital explosion, leading to ongoing tensions in the region, and exemplified the Biden administration’s commitment to standing by Israel as a close ally.