Iran’s proxy money machine: How the Houthis built a multibillion-dollar network despite US sanctions

The Houthi movement has developed financial networks involving Iranian oil sales, cryptocurrency transactions, and Russian connections that operate despite U.S. sanctions targeting the group. The Houthis have used these channels to fund operations as they expanded control toward the Bab el-Mandeb Strait, a strategic waterway between Yemen and Djibouti. U.S. officials and analysts have documented the group's use of shell companies, informal money transfer systems, and digital currency to move funds across borders.

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