US issues new sanctions on Syria, targets two money service businesses

By Al Mayadeen English
Source: Agencies
30 May 2023 20:08
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The two Syrian monetary services businesses, Al-Fadel Exchange and Al-Adham Exchange Company, have been designated by the US as being in violation of the Caesar Act.

The US Treasury Building is viewed in Washington, US on May 4, 2021. (AP)

Despite Syria's resumption of participation in the Arab League, the US designated, on Tuesday, the Syrian monetary services businesses, Al-Fadel Exchange and Al-Adham Exchange Company, in violation of the Ceasar Act, for allegedly playing a role in helping the Syrian government and people bypass previously imposed punitive sanctions and have thus come, in turn, under sanctions.

The statement of the US Treasury Department accused Al-Fadel Exchange and Al-Adham Exchange Company of assisting Syria's government maintain access to the international financial system.

The US Treasury Department in a statement accused Al-Fadel Exchange and Al-Adham Exchange Company of having "secretly helped the Syrian regime under Bashar al-Assad and its Hizballah and Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) allies maintain access to the international financial system."

US lawmakers propose bill to ban ties with Syria, expand Caesar Act

US lawmakers Reps. Joe Wilson and Steve Cohen, alongside several other members of the House, introduced a bill, on May 11, to ban the United States from normalizing diplomatic ties with Syrian President Bashar Al-Assad’s government and even impose sanctions on the regional countries that do.

The bill, which comes amid Syria’s readmission to the Arab League, would ban “any federal government department or agency from recognizing or normalizing with any government in Syria led by Bashar al-Assad” and broaden the Caesar Act that imposed sanctions on Syria back in 2020.

The proposal would call for “an annual strategy for five years to counter normalization” with Syria by the countries which have shown initiative to develop ties.

On the bill and in his statement, Michael McCaul, chairman of the House Foreign Affairs Committee, said, “The United States must use all of our leverage to stop normalization with Assad,” adding, “I am proud to join my colleagues in mandating further sanctions against any form of investment in territory under the control of Assad."

A senior US congressional staffer working on the bill was cited by media as saying that the bipartisan bill was a warning to Turkey and Arab nations of severe consequences in case they engaged with Syria.

"The readmission of Syria to the Arab League really infuriated (Congress) members and made clear the need to quickly act to send a signal," the staffer highlighted.

On May 10, Saudi Arabia's King Salman bin Abdulaziz invited the Syrian President to participate in an Arab League summit scheduled in the country next week on May 19.

The Syrian President considered that the summit "will enhance joint Arab action to achieve the aspirations of the Arab peoples," the statement indicated.

The Kingdom severed ties with the Syrian government in 2012. However, in April, Saudi Foreign Minister Prince Faisal bin Farhan met with Al-Assad in Damascus on the first such visit since the war on the country broke out.