As they battle for control of the nation’s financial institutions, the government of Yemen and the Houthi rebels, who are supported by Iran, have decided to end the tit-for-tat banking sanctions, the UN announced on Tuesday.
After seizing control of the majority of Yemen’s population centers and the capital city of Sanaa, the internationally recognized government of Yemen was forced to relocate to Aden and engage in coalition warfare in March 2015.
In December, the rebels and the government committed to follow a peace plan overseen by the UN and to strive towards “the resumption of an inclusive political process.” Peace negotiations have been halted, nevertheless, by Houthi attacks on Red Sea shipping since November and the US and British retaliation that followed.
On Monday, the two sides informed Hans Grundberg, the UN envoy to Yemen, that they “agreed on several measures to de-escalate,” said a statement from Grundberg’s office. It came as the warring parties were locked in a fight for control over the country’s banks, with both facing a severe financial crunch.
Their latest agreement involves “canceling all the recent decisions and procedures against banks by both sides and refraining in the future from any similar decisions or procedures,” the envoy’s office said.
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