WASHINGTON: The Biden administration on Wednesday issued sanctions on a Lebanese network it accused of smuggling oil and liquefied petroleum gas (LPG) to help fund the Lebanese armed group Hezbollah.
The sanctions target three people, five companies and two vessels that the US Treasury Department said were overseen by a senior leader of Hezbollah’s finance team and used profits from illicit LPG shipments to Syria to aid generate revenue for the group.
Acting Under Secretary of the Treasury for Terrorism and Financial Intelligence Bradley Smith, in a statement, said Hezbollah “continues to launch rockets into Israel and fuel regional instability, choosing to prioritize funding violence over taking care of the people it claims to care about, including the tens of thousands displaced in southern Lebanon.”
US sanctions Lebanese network over alleged oil, LPG smuggling for Hezbollah
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US sanctions Lebanese network over alleged oil, LPG smuggling for Hezbollah
- The sanctions target three people, five companies and two vessels that the US Treasury Department said were overseen by a senior leader of Hezbollah’s finance team
Syria’s growth accelerates as sanctions ease, refugees return
- Economy grows much faster than World Bank’s 1% estimate, fueling plans for currency’s relaunch
NEW YORK: Syria’s economy is growing much faster than the World Bank’s 1 percent estimate for 2025 as refugees flow back after the end of a 14-year civil war, fueling plans for the relaunch of the country’s currency and efforts to build a new Middle East financial hub, central bank Governor AbdulKader Husrieh has said.
Speaking via video link at a conference in New York, Husrieh also said he welcomed a deal with Visa to establish digital payment systems and added that the country is working with the International Monetary Fund to develop methods to accurately measure economic data to reflect the resurgence.
The Syrian central bank chief, who is helping guide the war-torn country’s reintegration into the global economy after the fall of Bashar Assad’s regime about a year ago, described the repeal of many US sanctions against Syria as “a miracle.”
The US Treasury on Nov. 10 announced a 180-day extension of the suspension of the so-called Caesar sanctions against Syria; lifting them entirely requires approval by the US Congress.
Husrieh said that based on discussions with US lawmakers, he expects the sanctions to be repealed by the end of 2025, ending “the last episode of the sanctions.”
“Once this happens, this will give comfort to our potential correspondent banks about dealing with Syria,” he said.
Husrieh also said that Syria was working to revamp regulations aimed at combating money laundering and the financing of terrorism, which he said would provide further assurances to international lenders.
Syria’s central bank has recently organized workshops with banks from the US, Turkiye, Jordan and Australia to discuss due diligence in reviewing transactions, he added.
Husrieh said that Syria is preparing to launch a new currency in eight note denominations and confirmed plans to remove two zeroes from them in a bid to restore confidence in the battered pound.
“The new currency will be a signal and symbol for this financial liberation,” Husrieh said. “We are glad that we are working with Visa and Mastercard,” Husrieh said.
