How Lebanese banks are handling US sanctions on Hezbollah
It remains to be seen whether US sanctions will hurt Hezbollah or merely inconvenience banks and their customers.
Several media and political reports in Beirut have addressed the impact recent US sanctions are having against Hezbollah. But so far, the reports appear to be much ado about nothing.
On Dec. 18, US President Barack Obama signed the Hizballah International Financing Prevention Act of 2015, imposing sanctions on foreign financial institutions that deal with Hezbollah and its affiliated Al-Manar TV channel.
In a Dec. 21 speech delivered on Al-Manar, Hezbollah Secretary-General Hassan Nasrallah cautioned institutions against panicking over the US measures. Nasrallah stressed that neither Hezbollah nor any of its institutions have financial accounts at any Lebanese bank. He also called on the Lebanese government to ensure that the sanctions do not harm Lebanese citizens or institutions.
A bank expert speaking on condition of anonymity told Al-Monitor that the US sanctions will not affect the Hezbollah party. Hezbollah has its own banking system, and most importantly, it does not deal with US currency, according to the expert.
