Lebanon braces for ‘pain’ of Caesar Act amid financial meltdown – The National

SourceThe National

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

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