Lebanon braces for Caesar Act fall out amid financial meltdown – The National

Lebanon braces for Caesar Act fall out amid financial meltdown – The National

US sanctions law targeting Syria has created uncertainty in its crisis-stricken neighbour

















People exchange Lebanese pound and US dollar notes on the black market in Lebanon's capital Beirut. AFP  







The US administration's latest round of sanctions against Syria has worried bankers and businessmen across the border in Lebanon, who say it could add to the small country's worst economic and financial crisis.



Implemented on June 17, the Caesar Act sanctions people who knowingly provide significant support to the Syrian government in four sectors: the military, oil and gas, aviation and construction.

















Because of the close historical ties between Lebanon and Syria, the law will make business between the two countries "more problematic and expensive“ and "hurt Lebanon“, said Nasser Saidi, a former vice-governor of Lebanon's central bank.



The Caesar Act provides for secondary sanctions, which significantly widens its scope, he said.



"In other words, they are imposing sanctions on Syrian entities and business people and also on the people who deal with them,“ Mr Saidi told The National.



But bankers in Lebanon are not sure exactly how the sanctions will be applied.