US Unveils Caesar Sanctions on Syrian Money Service Businesses

The Biden administration on Tuesday announced new sanctions targeting two money service businesses in Syria it said were providing financial support to President Bashar al-Assad’s regime and its allies.

The Damascus-based exchange companies, Al-Fadel Exchange and the Al-Adham Exchange Company, help the government “maintain access to the international financial system in violation of international sanctions,” the Treasury Department said in a news release.

Specifically, the Treasury accused them of having facilitated millions of dollars in transfers since 2021 to accounts in the US-designated Central Bank of Syria that are set up to benefit Assad and his government.

It also said Lebanese militant group Hezbollah used the money service businesses to move money into Syria from other countries in the region.

The sanctions come as many of Syria’s neighbors are moving to reestablish ties with Assad after more than a decade of isolation. Earlier this month, the Arab League voted to readmit Syria.