The United States has sanctioned a Hamas financial official, as well as a network of financial facilitators and companies that have generated revenue for the proscribed Palestinian terror group, the US Treasury Department announced on Tuesday.

The sanctions are targeted at Hamas’ Investment Office, which is estimated to hold assets of more than $500 million, as well as companies operating in Sudan, Turkey, Saudi Arabia, Algeria, and the United Arab Emirates.

US State Department spokesperson Ned Price said in a statement: “While Palestinians in Gaza face harsh living and economic conditions under Hamas, the terrorist group has amassed hundreds of millions in its secret investment portfolio. Hamas maintains a violent agenda that harms both Israelis and Palestinians.

“The United States is committed to denying Hamas the ability to generate and move funds and to holding it to account for its role in promoting and carrying out violence.”

The Treasury has designated Ahmed Sharif Abdallah Odeh, who it says was responsible for the day-to-day management of Hamas’ investment portfolio until 2017 and continued to oversee the office after that.

The department alleges that Odeh “regularly met with senior Hamas officials, gave presentations about the portfolio’s business activities, and coordinated financial transfers on behalf of the group.”

Odeh’s successor in control of the investment office, Usama Ali, was also sanctioned on Tuesday. The US alleges that Ali is a Hamas operative and Shura Council member, and also served on the executive committee, maintaining contact with senior Hamas leaders.

His deputy, Jordanian national Hisham Younis Yahia Qafisheh, was also sanctioned, as well of four of his companies.

Sanctions were also imposed on Algeria-based Sidar Company and UAE-based Itqan Real Estate JSC, which appeared to be legitimate businesses, but are controlled by Hamas and have transferred money to the group, as well as a significant portion to its military arm, the Izz-Al-Din Al-Qassam Brigades.

A Kuwait-based Jordanian national and accountant who has worked in the Hamas Finance Ministry for several years, Abdallah Yusuf Faisal Sabri, was also on the list of those sanctioned. Sabri is accused of playing a key role in the expanding Hamas’ reach in the region.

These sanctions mean that any property sales by the individuals or entities sanctions will be blocked and reported to the Office of Foreign Assets Control. Additionally, all transactions between the sanctioned entities would be banned.

Elizabeth Rosenberg, assistant secretary of the treasury for terrorist financing and financial crimes, said while in Israel to discuss counter-terrorism financing efforts: “Today’s action targets the individuals and companies that Hamas uses to conceal and launder funds. Hamas has generated vast sums of revenue through its secret investment portfolio while destabilising Gaza, which is facing harsh living and economic conditions.

“Hamas maintains a violent agenda that harms both Israelis and Palestinians. The United States is committed to denying Hamas the ability to generate and move funds and to holding Hamas accountable for its role in promoting and carrying out violence in the region.”