U.S. imposes sanctions on key Syrian financial facilitators
WASHINGTON – The United States has announced it will impose sanctions on two Syrian financial facilitators, allies of Hezbollah and the Islamic Revolutionary Guard Corps (Quds Force).
The U.S. Treasury Department accused them of providing clandestine support to the Syrian regime under Bashar al-Assad.
It alleged that they helped Syria maintain access to the global financial system in violation of sanctions.
Sanctioned Syrian financial service providers include Al-Fadel Exchange and Al-Adham Exchange Company, both based in Damascus.
The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) also designated three brothers, Fadel Ma’ruf Balwi, Mut’i Ma’ruf Balwi, and Muhammad Ma’ruf Balwi, owners of Al-Fadel Exchange.
“These designations are pursuant to Executive Order (E.O.) 13582 of August 17, 2011, ‘Blocking Property of the Government of Syria and Prohibiting Certain Transactions With Respect to Syria, and also the Caesar Syrian Civilian Protection Act of 2019 (Caesar Act), and underscore the serious threat posed by actors in the financial system who actively enable violent regimes to circumvent sanctions,” said the Treasury Department.
Sanctions may be imposed or enforcement actions can be taken against the designated individuals.
According to OFAC, the brothers were authorized by the Central Bank of Syria to work for Hezbollah.
They moved billions of Syrian pounds inside Syria in 2022 on behalf of the Syrian government.
Al-Adham Exchange Company regularly transferred money abroad for the Syrian Central Bank, it said.
In a separate statement, U.S. Secretary of State Anthony Blinken said the sanctions are based on broader efforts to deprive Hezbollah and Iran of the financial resources they need for their malign activities in the region.
“Any foreign person who knowingly provides significant financial, material, or technological support to, or engages in a significant transaction with the Government of Syria, puts themselves at risk of U.S. sanctions,” he said.
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