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US State Department sanctions Syrian financiers who sent millions to Assad

“We continue to urge states in the region to consider carefully the atrocities committed by the regime.”

Syrian President Bashar Assad. Credit: Photowalking/Shutterstock.
Syrian President Bashar Assad. Credit: Photowalking/Shutterstock.

Two businesses and three people associated with those businesses who provided money to Syrian President Bashar Assad have now been sanctioned by the United States government.

Starting in 2021, the two companies located in Damascus—Al-Fadel Exchange and Money Transfer Company and Al-Adham Exchange Company—provided millions of dollars that were transferred to the Central Bank of Syria. These companies have also aided Hezbollah in transferring funds to Syria. The individuals sanctioned are Fadel Ma’ruf Balwi, Mut’i Ma’ruf Balwi and Muhammad Ma’ruf Balwi.

In a statement, U.S. Secretary of State Antony Blinken described the sanctions as part of “the broader efforts to deny Hezbollah and Iran the financial resources used to sustain their malign activities in the region.” Anyone who engages in financial transactions with Syria will face potential sanctions, it added.

“Our actions today further demonstrate that the United States’ commitment to promoting accountability for the Assad regime’s abuses and justice for victims is unwavering,” he stated.

Blinken urged other nations not to financially support Syria, reminding them of “the atrocities committed by the regime on the Syrian people, some of which rise to the level of war crimes and crimes against humanity.”

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