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22 October 2024

Israel Intensifies Strikes On Hezbollah's Financial Network

Airstrikes expand conflict with attacks on Al-Qard al-Hassan banking institution linked to Hezbollah

Israel has escalated its military operations against Hezbollah in Lebanon, shifting its focus from military targets to the financial backbone of the Iranian-backed militant group. Recent airstrikes have targeted the Al-Qard al-Hassan banking institution across several locations, including the southern suburbs of Beirut, as well as areas beyond.

The Israeli military reported intense bombardments over the course of one night, claiming to strike approximately 300 targets associated with Hezbollah, marking this as part of the broader conflict which has persisted for nearly a month. The attacks on Al-Qard al-Hassan are part of Israel's strategy to disrupt Hezbollah's operations by hampering its financial capabilities.

According to Israeli military spokesman Rear Admiral Daniel Hagari, these strikes are aimed at diminishing Hezbollah’s ability to fund its activities, which they accuse the financial institution of facilitating. Reports indicate this banking group offers microcredit services to local residents, filling the void left by Lebanon’s traditional banking system, which collapsed five years ago during the onset of its economic crisis. Yet, Israel contends this institution is also instrumental for Hezbollah, allegedly used to finance their militant operations.

Airstrikes not only targeted the Al-Qard al-Hassan branches but also inflicted damage on residential buildings, resulting in significant panic among Beirut residents. Following these strikes, many fled their homes, seeking safety amid the violence. The Lebanese state media has reported multiple instances of destruction across various neighborhoods, exacerbated by the conflict's expansion.

The Israeli Defence Minister Yoav Gallant emphasized the military's commitment to intensifying operations against Hezbollah. “We are destroying places the group planned to use as launchpads for attacks against Israel,” he stated. Recent bombings have included facilities thought to house substantial sums of money linked to Hezbollah's financing of weaponry. Reports suggest the Israeli forces are monitoring underground sites where vast caches of cash and gold are believed to be stored.

On the international front, the United Nations condemned Israel's actions, particularly highlighting the resultant damage to civilian property. The UN Human Rights Office emphasized the importance of adhering to international humanitarian law, insisting civilians and their infrastructure must not be targets of military operations. The UN statement described the civilian casualties and destruction caused by the aerial bombardments as “extensive,” and voiced concerns over the widespread panic instilled among Lebanese citizens.

Recent developments also point to shifts in the diplomatic scene, with US envoy Amos Hochstein visiting Lebanon, aiming to mediate ceasefire discussions. He met with various Lebanese leaders, including Prime Minister Najib Mikati, seeking avenues for peace and stability amid the conflict.

Hochstein reiterated the necessity for resolving tensions through international frameworks, referencing UN Resolution 1701, which concluded the 2006 war between Israel and Hezbollah. These discussions highlight the international community's growing concern over the deteriorative impact of the Israel-Hezbollah conflict on Lebanon's already fragile state.

Throughout the span of this violent conflict, civilian life hangs precariously as both sides engage in hostilities. The health crisis compounded by the warfare presents severe challenges for Lebanon, raising questions on humanitarian support and reconstruction efforts needed to address the damages inflicted by these military actions.

Overall, Israel's renewed focus on Hezbollah's financial networks signals not only a tactical shift but also highlights the complex interplay of regional politics, military strategy, and the humanitarian backdrop shaping Lebanon's current state.

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