(Bloomberg) -- Israel launched a military operation targeting Hezbollah economic strongholds in Lebanon, in particular a financial institution used by the Iran-backed militant group and its leadership.
The Israeli military issued evacuation warnings to civilians as it sought to hit targets associated with the Al Qard Al Hassan Association, which serves as Hezbollah’s alternative banking system and allows the Shi’ite group to function. It operates outside of Lebanon’s legal banking system.
The aim of the strike is to target Hezbollah’s ability to function during the current war and later as it seeks to rebuild and rearm, a senior Israeli intelligence official said.
The targets are throughout Lebanon, mainly in Beirut’s southern suburbs and the Bekka Valley.
The bombing campaign came a day after a drone exploded near the private home of Israeli Prime Minister Benjamin Netanyahu and as the nation’s security cabinet hones its plans to retaliate against Iran’s barrage of about 200 ballistic missiles three weeks ago.
Iran’s offensive came in response to Israel’s assassinations of leaders of Iran-sponsored militias.
In a briefing, the Israeli official said that Iran transfers some $50 million to the organization monthly, mostly in cash through Syria.
The Al Qard Al Hassan Association is also used by hundreds of thousands of Shi’ite Lebanese for everyday banking needs.
Israel says that in some cases the money was also used to fund Hezbollah operations in emergencies.
The bank is disconnected from the international Swift system to avoid sanctions placed on it by the US since 2007 because of its ties to Hezbollah.
©2024 Bloomberg L.P.