US Treasury imposes sanctions on businesses in Syria
DAMASCUS, Syria (North Press) – On Tuesday, the US imposed new sanctions under the Caesar Act, which targets businesses that assist the Syrian government, on two exchange companies and three people.
The US Department of the Treasury said in a statement that the it targeted “two Syrian money service businesses that have secretly helped the Syrian regime” and its allies including Hezbollah and Quds Forces of Iran’s Islamic Revolutionary Guard Corps (IRGC).
Al-Adham and al-Fadel Exchange Companies, both based in Damascus, helped the government and its allies “maintain access to the international financial system in violation of international sanction.”
The sanctions also targeted three brothers who own and operate al-Fadel Exchange: Fadel Balwi, Mut’i Balwi, and Muhammad Balwi. The Balwi brothers were the only individuals authorized by the Central Bank of Syria to work on behalf of Hezbollah. “Further, Fadel Balwi and Muhammad Balwi moved billions of Syrian pounds within Syria in 2022 on behalf of the Syrian government.”
“Bashar al-Assad’s regime continues to rely on witting partners and deception to violate U.S., UK, and EU sanctions, while ignoring the needs of the Syrian people,” said Under Secretary for Terrorism and Financial Intelligence Brian E. Nelson.
“The United States will continue to push for reforms that will improve the conditions of people living under Assad and to hold accountable those who enable the regime’s continued repression of its people,” he added.