US Sanctions Two Syrian Financial Institutions Supporting the IRGC
The US Department of Treasury’s Office of Foreign Assets Control announced on Tuesday, May 30, the sanctioning of two Syrian financial services companies that secretly assisted Bashar al-Assad’s government, the Quds Force of the Islamic Revolutionary Guard Corps, and Hezbollah.
According to this statement, the United States has sanctioned the owners of Al-Fadel Exchange Company, who are three brothers. The statement adds that since 2021, Al-Fadel Exchange in Damascus has transferred millions of dollars to accounts in the Syrian Central Bank, which is sanctioned by the US, and has operated for the benefit of the Syrian government.
Al-Adham Financial Services Company, another exchange office also located in Damascus, is accused of transferring millions of dollars to Syrian Central Bank accounts since 2021.
This is Washington’s first action in sanctioning Syrian entities after the Assad government’s reentry into the Arab League.
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