Beirut, Oct. 18, 2024 – Israel launched a series of air strikes across Lebanon on Wednesday, targeting multiple bank branches allegedly linked to Hezbollah’s financial operations. The escalation comes amid heightened tensions along the Israel-Lebanon border and ongoing cross-border skirmishes between Israeli forces and Hezbollah militants.
Lebanese authorities confirmed that branches of at least four local banks in Beirut, Tyre, and Baalbek were hit, causing extensive property damage but no immediate reports of casualties. The strikes have ignited anger in Lebanon, where officials denounced the attacks as a violation of the country’s sovereignty and an assault on civilian infrastructure.
Banks Allegedly Linked to Hezbollah
The Israeli Defense Forces (IDF) stated that the targeted banks were facilitating the financial activities of Hezbollah, which Israel considers a terrorist organization. According to the IDF, the air strikes aimed to disrupt money flows used to fund Hezbollah’s military operations and cross-border attacks on Israeli territory.
“These banks played a direct role in supporting terrorist activity, making them legitimate military targets,” the IDF said in a statement.
Hezbollah has denied any links to the targeted banks, calling the strikes an “act of aggression” aimed at destabilizing Lebanon’s economy.
Escalating Border Tensions
The air strikes are the latest development in escalating hostilities between Israel and Hezbollah. Since the outbreak of violence earlier this month, the Israel-Lebanon border has seen intense clashes, including rocket launches from Lebanese territory and retaliatory artillery fire from Israel.
Israeli officials have warned Hezbollah that continued attacks will prompt broader military action. “We will dismantle Hezbollah’s infrastructure by any means necessary, including its financial network,” said an Israeli military spokesperson.
Lebanon’s Prime Minister Najib Mikati condemned the strikes, calling them “an attack on civilian institutions that threatens Lebanon’s stability.” Mikati also appealed to the international community to intervene and prevent further escalation.
Impact on Lebanon’s Financial System
The attacks have added to the strain on Lebanon’s already fragile financial sector, which has been struggling amid an economic crisis. With banking institutions targeted, there are concerns that public confidence in the banking system could deteriorate further, exacerbating the country’s economic woes.
“This attack puts Lebanon’s economy in even greater peril,” said economist Rami Ghanem. “Many Lebanese rely on banks for daily transactions, and further disruptions could spark panic.”
Some residents fear that the strikes could trigger bank closures or restrictions on withdrawals, similar to the capital controls imposed during Lebanon’s 2019 financial collapse.
International Reactions
The United Nations and several international bodies have called for de-escalation. A spokesperson for the UN peacekeeping force in southern Lebanon (UNIFIL) expressed concern that the strikes could lead to an uncontrolled escalation. “We urge both sides to exercise restraint and work toward de-escalation through diplomatic channels,” the statement said.
The U.S. State Department also voiced concern, while reiterating Washington’s support for Israel’s right to defend itself. “We recognize Israel’s need to respond to security threats but urge all parties to avoid further escalation,” a State Department spokesperson said.
A Complex Conflict
The ongoing hostilities reflect the deep-seated tensions between Israel and Hezbollah, which have flared sporadically since the 2006 Lebanon War. Analysts warn that the current escalation could spiral into a broader conflict, especially if civilian infrastructure continues to be targeted.
“For Israel, cutting off Hezbollah’s financial lifelines is part of a broader strategy to weaken the group’s influence,” said Middle East analyst Dalia Kassis. “However, such tactics could backfire by galvanizing public anger in Lebanon and drawing international condemnation.”