Houthis' money maze tightens grip on Bab el-Mandeb

Iran-backed Houthis have built a sprawling, sanctions-evading financial network—linking ports, tariffs, oil, hawala, crypto, and foreign partners across Russia, Turkey and Asia—to fund territorial advances toward the Bab el-Mandeb strait; Treasury says the group earns over $2 billion a year, complicating efforts to cut off funding without harming civilians. The system’s cross-border reach and adaptability make it a formidable challenge, requiring pressure at points where Houthi money touches the formal financial system, all while navigating Yemen’s humanitarian crisis.