💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

U.S. blacklists Lebanon-based companies, individual it says linked to Hezbollah

Published 09/17/2020, 10:37 AM
Updated 09/17/2020, 11:05 AM

WASHINGTON (Reuters) - The United States on Thursday imposed sanctions on a Hezbollah official and two Lebanon-based companies it accused of being linked to the Iran-backed Shi'ite group, the U.S. Treasury Department said.

The Treasury in a statement said it blacklisted Arch Consulting and Meamar Construction, two Lebanon-based companies it said were leveraged by Hezbollah to conceal money transfers to the group's own accounts, helping to enrich Hezbollah leadership.

Also hit with sanctions was Sultan Khalifah As’ad, who the Treasury said is a senior Hezbollah Executive Council official.

"Through Hizballah’s exploitation of the Lebanese economy and manipulation of corrupt Lebanese officials, companies associated with the terrorist organization are awarded government contracts," Treasury Secretary Steven Mnuchin said in the statement.

"The United States remains committed to targeting Hizballah and its supporters as they corruptly abuse Lebanese resources to enrich their leaders while the Lebanese people suffer from inadequate services," he added.

The action freezes any U.S. assets of those blacklisted and generally bars Americans from dealing with them. Those than engage in certain transactions with those designated are also at risk of being hit with secondary sanctions, the Treasury said.

Thursday's move follows U.S. action this month that blacklisted two former government ministers over accusations they enabled Hezbollah as Washington warned that more actions targeting the group were coming.

Fifteen years after the assassination of Lebanon's Prime Minister Rafik al-Hariri, heavily armed group Hezbollah has risen to become the overarching power in a country that is now collapsing under a series of devastating crises.

Lebanon's banks are paralyzed, its currency has crashed and sectarian tensions are rising. On top of that, a huge port blast last month smashed a large swath of Beirut, killing more than 190 people and causing damage estimated at up to $4.6 billion.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.