Report: Concerns Linger over New US Financial Sanctions against Hizbullah
A Lebanese parliamentary delegation, composed of delegates and banking experts, is trying to convince the American authorities to alleviate the new law that the Congress plans to issue imposing new financial sanctions against Hizbullah party, amid concerns it would reflect on Lebanon's banking sector, al-Joumhouria daily reported on Saturday.
According to information obtained by the daily, “the Lebanese delegation's endeavors this time look different from when the law was issued in its first edition.
“At the time, the US administration was more understanding of the concerns of the Lebanese and avoided taking any step that would harm the Lebanese economy. Meanwhile, the current atmospheres are different and there is a kind of generalism in the administration and in the Congress itself,” said the daily.
However, it pointed out that “the US administration is careful not to enact any law that could harm Lebanon's banking sector. But, this is not enough, because what is being prepared will put pressure on the financial situation as a whole.”
Adding to the above, “there are concerns about Hizbullah's reaction to the US law in its second edition, which aims to turn the party into an ostracized political component in its environment. Anyone who has a surplus of money will have to move away from the party if he wants to avoid US sanctions.”
“The previous time, a similar scenario ended after a bombing exploded at the headquarters of a well-known Lebanese bank, how would it end this time?” asked the daily.
In 2015, the US Congress voted to impose sanctions on banks that deal with Hizbullah, which the US considers as a "terrorist group".
Lebanon's central bank instructed the country's banks and financial institutions to comply with the measure against the party.
Hizbullah has fiercely criticized the law and accused central bank governor Riad Salameh of "yielding" to Washington's demands.
In June 2016, a bomb exploded outside the Beirut headquarters of BLOM BANK, one of the country's largest, wounding one person.
Several Lebanese newspapers known to be critical of Hizbullah said at the time the explosion was a "message" to banks complying with the US ruling.
Source: Naharnet, Agence France Presse
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