It has been more than 22 months since my son, Itay, a U.S.-Israeli citizen, was taken hostage by Hamas. He remains in the dungeons of Gaza to this day, along with 49 other hostages. Itay was stationed at the Gaza border to protect local agricultural communities when he was abducted and kidnapped. There has been no word from Hamas on his status since Oct. 7, 2023. 

Even with the killing of Hamas leadership, we have not seen any significant progress in the negotiations, with neither side readily moving from their current position. We must ask ourselves how Hamas still believes it can survive and reestablish control in Gaza. One of my answers is their international financial infrastructure that remains mostly in place, which Hamas taps into, even today, to pay its militants and supporters. 

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It’s time to increase the international economic pressure on Hamas and its backers significantly to neutralize its ability to stay in power and force a hostage deal. How? Hamas, like any terrorist organization, needs a lot of cash. Cash allows it to buy weapons, pay fighters, and build expensive military infrastructure such as its underground tunnel network, which is far larger than the New York City subway system. Every month, Hamas pays tens of millions of dollars to its tens of thousands of militants and supporters in Gaza. This needs to end.

Prior to being a hostage family, I built a career in venture capital. I invested in high-tech companies and innovation, including in the world of finance. I know there are sophisticated, surreptitious methods being used to transfer international funds to Hamas without leaving any trace, some of which may be almost impossible to stop. 

Shutting down Hamas funding requires a distinction between funds originating from state actors and those from non-state actors. The main state actor funding Hamas is Iran, which uses money generated from selling oil to fund Hamas and other terrorist organizations. In the last few years, Iran has increased its foreign cash reserves by selling oil to China and other states. This cash finds its way to Lebanon, Gaza, and Yemen via money launderers in Kuwait, Turkey, and other countries. 

Globally, there is an increased awareness around terrorism financing in light of the hostage families’ advocacy in Washington, D.C. Last month, the U.S. Treasury announced a new set of sanctions against financial entities supporting the Hamas financial network. International Financial Action Task Forces are meeting to explore possible moves, get intelligence updates from the United States, Israel, and others, and hopefully implement more measures in the future. However, without the broad backing of the international community, these sanctions will be limited in effect. 

I urge the European Union and other Western allies to recognize that there is a unique window of opportunity to act more aggressively against Iran, the main global terrorist financing backer. Beyond direct financial pressure, the possibility of lifting sanctions against Iran can also be leveraged to force its proxy, Hamas, back to the negotiation table. 

Non-state-related funding is much more difficult to identify, trace, and block. Hamas has spent years developing its global, clandestine financial network and still has many “charities” set up as fronts for donations throughout the world. Such straw bodies in Western countries, including the United Kingdom and France, as well as Asian countries such as Turkey, Kuwait, Indonesia, and Malaysia, are used to fill Hamas’s coffers. There is a significant amount of funds “parking” in these countries waiting for Hamas to call for them to help it reestablish control over Gaza once the Israel Defense Forces leave.

It is difficult to sanction funds for “charitable” entities. What has become clear is that the lion’s share of these funds does not go to the people of Gaza to build hospitals or schools, but rather, they are used to buy weapons and deepen the dependence of the Gazan people on Hamas. 

The international banking system needs to get the message: it is no longer “good business” to support these money transfers. It must be penalized significantly if it continues to profit from such transactions. 

Itay is a U.S. and German citizen, so I have had the opportunity to meet with dozens of officials from both countries over the last year. Last month, I met Treasury Secretary Scott Bessent with the Office of Foreign Asset Control team to discuss sanctions. Following these meetings, it has become clear that even more sanctions can be imposed, which can help squeeze the lifeblood out of this most heinous terrorist organization. Pressuring Hamas politically and ideologically has not borne fruit. We can do more. We must. 

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The destruction of Gaza is putting the fate of the 50 hostages at great risk, the living as well as the deceased hostages, who risk being lost forever. Each additional day with no ceasefire and hostage release deal puts them all in great danger. That is why the U.S. and the international community cannot continue to think in incremental steps. 

Our request from the international community is simple: use everything at your disposal, including tightened economic sanctions, to help us bring Itay and all the hostages home from their agonizing captivity. 

Ruby Chen is the father of Itay Chen, a 19-year-old Israeli-American held by the Hamas terrorist organization. Ruby and his wife, Hagit, live in Israel with their two other children.