By Nohad Topalian | 2025-07-08

BEIRUT -- The successful targeting of the head of a currency exchange network accused of funneling Iranian money to Hizbullah has dealt a blow to the Iran-backed party's financial lifelines in Lebanon, analysts said.

Haitham Abdullah Bakri, who operated al-Sadeq currency exchange network in southern Lebanon, was killed in a June 25 airstrike.

Bakri was targeted, based on intelligence information, for his role in financing Hizbullah's military operations, Israel Defense Forces (IDF) spokesman Avichay Adraee said on X.

He had worked knowingly with Hizbullah to store and transfer funds from the Islamic Revolutionary Guard Corps Quds Force, using the money for weapons, manufacturing equipment, member salaries and terror operations, Adraee said.

The strike reflects a sustained campaign since 2020 to dry up Hizbullah's funding sources. Israeli forces also have targeted branches of Hizbullah's financial arm, al-Qard al-Hassan, and suspected cash storage centers across Lebanon.

Bakri maintained direct links to IRGC commander Mohammad Saeed Izadi, who was assassinated in Tehran after holding meetings in Lebanon with Hizbullah leaders, political writer Marwan al-Amin told Al-Fassel.

Izadi's death confirmed his role as mediator transferring funds from the IRGC-QF to Hizbullah, demonstrating that the party operates as "a puppet manipulated by Iran to serve its interests," al-Amin said.

Hizbullah vs the state

When Lebanon's economic crisis struck and the national currency collapsed, then-leader Hassan Nasrallah boasted that his party remained unaffected, receiving and paying member salaries in dollars, al-Amin said.

Hizbullah's involvement in illegally importing dollars undermined economic stability and created a cash economy that contributed to Lebanon's financial crisis, he explained.

This placed Lebanon on the gray list for potential money laundering sanctions.

The party bears responsibility for Lebanon's current financial situation and for exposing the country to devastating war, he added.

"The notion of Hizbullah guaranteeing Lebanon's safety has failed, especially with the recent war," al-Amin said. "The party has not guaranteed the safety of its chief and its security and military leaders, so how can it protect Lebanon?"

"Everything Hizbullah has said has been nothing but unrealistic claims, hubris, delusions and a big lie."

Hizbullah must recognize that all arms and funds that operate outside the authority of the state must end, political writer Bechara Khairallah told Al-Fassel.

As "an executive arm of Iran" using funds for illegitimate purposes, Hizbullah has contributed to Lebanon's economic deterioration, he added, pointing out that ending this funding would provide relief to the Lebanese people.

The Iran-backed party cannot serve as Lebanon's guarantor of safety, as it often claims, because "it cannot be both the disease and the cure," he said.