The U.S. Sanctions Two Syrian Companies for Money Transfers to the Quds Force and Hezbollah

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has sanctioned two Syrian financial services companies that were 'secretly' aiding the Quds Force of the Islamic Revolutionary Guard Corps, the regime of Bashar al-Assad, and Hezbollah in Lebanon. OFAC also sanctioned three brothers who own and manage the 'Al-Fazl' exchange office. The press release regarding these sanctions states that the Al-Fazl exchange in Damascus has transferred millions of dollars to accounts in the Syrian Central Bank, which is under U.S. sanctions, since 2021, and has operated in favor of the Syrian government and Bashar al-Assad. The Al-Fazl exchange also facilitated payments from the Assad regime to Mohammad Qassem al-Bazal, the financial representative of Hezbollah, in exchange for Iranian oil shipments. The 'Al-Adham' exchange company, also based in Damascus, has deposited millions of dollars into accounts of the Syrian Central Bank since 2021. As a result of these sanctions, all assets and interests of these individuals in the U.S. will be blocked. Additionally, the assets of any entity that is directly or indirectly 50% or more owned by one or more sanctioned individuals will also be blocked. The U.S. State Department stated in a press release that this action demonstrates the strong commitment of the United States to accountability for the abuses of the Assad regime and justice for the victims. The statement also urged regional countries to carefully consider the regime's crimes against the Syrian people, some of which are classified as 'war crimes' and 'crimes against humanity,' as well as the Assad regime's ongoing efforts to restrict citizens' access to humanitarian aid despite exemptions from U.S. sanctions.