Israel Intensifies Lebanon Strikes, Targets Banks Linked to Hezbollah
On Sunday night, Israel initiated a series of heavy airstrikes on Beirut's southern suburbs and in the Bekka Valley in eastern Lebanon. For the first time, Israel declared its intention to target banks believed to be financing Hezbollah.
Targeting Hezbollah-Linked Economic Assets
"The air force will launch extensive strikes on targets in the southern suburb of Beirut, targeting Hezbollah-linked economic assets," stated IDF spokesman Daniel Hagari as the strikes commenced. Buildings belonging to the al-Qard al-Hassan Association, identified by the Israelis as being closely associated with the Shia paramilitary group backed by Iran, were at the top of the list.
Impact on Lebanese Civilians
The al-Qard al-Hassan Association, a US-sanctioned bank, has at least 30 branches across Lebanon, including 15 locations in bustling Beirut neighborhoods. The bank, which has been operational since the 1980s, provides services to Lebanon's Shiite community, primarily concentrated in the south. The bank is also used by many Lebanese civilians.
Striking Hezbollah's Ability to Function
"The purpose of the strike is to target the ability of Hezbollah to function both during the war but also afterwards to rebuild and to rearm the organization on the day after," stated an Israeli military release. Last night, a series of large airstrikes rocked Beirut's southern suburbs, including one or more near Beirut International Airport, reportedly targeting the bank branches.
Bank's Assurance to Customers
The bank has sought to reassure its customers, stating that it has taken "all of the necessary procedures since the beginning of the war to safeguard your deposits and valuables and can confirm that you should not worry they are safe."
Analyst's View on the Impact of Strikes
Lina Khatib, director of the SOAS Middle East Institute and author of a study of Hezbollah’s influence networks, was quoted in The Wall Street Journal, stating “The main loss for the people using its services will be the destruction of family gold they pawned in exchange for loans. But for as long as Hezbollah’s external financial operations remain active, including its involvement in illicit finance internationally, and as long as Iran continues to fund it, Al-Qard Al-Hassan’s clients will expect Hezbollah to be able to compensate them for their losses.”
Human Casualties and Regional Tensions
Over the weekend, the Lebanese Health Ministry reported that at least 2,464 Lebanese have been killed since hostilities began in Oct.2023. However, it remains unclear how many of that figure are combatants vs. civilians. The region remains on edge as Israel's retaliation against Iran is anticipated, which US intelligence has stated is "almost certainly" going to happen.
Further Regional Developments
Several other regional developments have taken place. These include a drone attack on Israeli PM Netanyahu's home, Israeli military attacks on Hezbollah’s intelligence HQ and weapons storage facilities, and Israeli demands to the White House for ending the war in Lebanon. Iran's Supreme Leader has also commented on the situation, stating that Hamas leader Sinwar’s death will not halt the axis of resistance and Hamas will live on.
Bottom Line
The escalating conflict between Israel and Hezbollah, with its widening scope to include financial institutions, has significant implications for the region's stability and the civilian population. As the situation continues to evolve, the question remains: what will be the long-term impact of these developments on the region and its people? We invite you to share your thoughts on this issue and encourage you to share this article with your friends. Don't forget to sign up for the Daily Briefing, available every day at 6pm.
