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US Targets Syrian Money Service Businesses in Fresh Sanctions

The Treasury Department is pictured in Washington, US, April 25, 2021. (Reuters)
The Treasury Department is pictured in Washington, US, April 25, 2021. (Reuters)
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US Targets Syrian Money Service Businesses in Fresh Sanctions

The Treasury Department is pictured in Washington, US, April 25, 2021. (Reuters)
The Treasury Department is pictured in Washington, US, April 25, 2021. (Reuters)

The United States on Tuesday imposed punitive measures on two Syrian money service businesses it said help the government maintain access to the international financial system in violation of sanctions, in Washington's first action targeting Syria since its readmittance to the Arab League earlier this month.

The US Treasury Department in a statement accused the two money service businesses, Al-Fadel Exchange and Al-Adham Exchange Company, of helping President Bashar al-Assad's government and its allies, Hezbollah and Iran's Quds Force, an arm of its Revolutionary Guards (IRGC).

The sanctions were imposed under the Caesar Act that also levied a tough round of sanctions on Syria in 2020.

The United States has said it will not normalize ties with Assad and has said Syria did not merit readmission into the Arab League.

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Sisi: Electricity Interconnection Projects with Saudi Arabia a Model for Regional Cooperation

Sisi met with Prime Minister Mostafa Madbouly, Minister of Electricity and Renewable Energy Mahmoud Esmat, and Minister of Petroleum and Mineral Resources Karim Badawy. (Egyptian Presidency)
Sisi met with Prime Minister Mostafa Madbouly, Minister of Electricity and Renewable Energy Mahmoud Esmat, and Minister of Petroleum and Mineral Resources Karim Badawy. (Egyptian Presidency)
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Sisi: Electricity Interconnection Projects with Saudi Arabia a Model for Regional Cooperation

Sisi met with Prime Minister Mostafa Madbouly, Minister of Electricity and Renewable Energy Mahmoud Esmat, and Minister of Petroleum and Mineral Resources Karim Badawy. (Egyptian Presidency)
Sisi met with Prime Minister Mostafa Madbouly, Minister of Electricity and Renewable Energy Mahmoud Esmat, and Minister of Petroleum and Mineral Resources Karim Badawy. (Egyptian Presidency)

Egyptian President Abdel Fattah al-Sisi affirmed that the electrical interconnection project with Saudi Arabia represents a model of regional energy cooperation and a benchmark for future similar ventures in electrical connectivity, directing close monitoring of all project details.
Sisi made these remarks during a meeting with Prime Minister Mostafa Madbouly, Minister of Electricity and Renewable Energy Mahmoud Esmat, and Minister of Petroleum and Mineral Resources Karim Badawy.
According to a statement by the Egyptian presidency on Sunday, the discussion reviewed the status of electrical interconnection projects between Egypt and Saudi Arabia, emphasizing their importance in enhancing grid efficiency and stability while optimizing the use of generation capacity during peak demand periods.
Cairo and Riyadh signed an agreement in 2012 to establish the electrical interconnection project at a cost of $1.8 billion, with Egypt contributing $600 million (1 USD = 49.65 EGP in local banks). In a government meeting in mid-October, Madbouly announced that the interconnection line is expected to become operational in May or June of next year, with an initial capacity of 1,500 megawatts.
This initiative is the first of its kind to enable high-voltage direct current (HVDC) power exchange in the Middle East and North Africa region. It connects Badr City in Egypt to Medina via Tabuk in Saudi Arabia. Late last month, Madbouly highlighted that the project, set to produce 3,000 megawatts in two phases, is a landmark achievement for Egypt’s energy sector.
Presidential spokesperson Mohamed al-Shenawy stated that the meeting also highlighted the progress on the Dabaa Nuclear Power Plant. The project is seen as vital to Egypt’s comprehensive development strategy, which aims to diversify energy sources through renewable and alternative means, improving service delivery to citizens.
Located in northern Egypt, the Dabaa plant will consist of four nuclear reactors with a combined capacity of 4,800 megawatts (1,200 megawatts per reactor). The first reactor is expected to be operational by 2028, with the others coming online sequentially. The Egyptian government has pledged to fulfill its commitments to ensure the project meets its scheduled timeline.
The president also directed the government to intensify efforts to attract investments in the energy sector, develop the management of the national gas grid, and ensure stable energy supplies for both electricity and industrial sectors. Furthermore, he urged rapid progress on renewable energy projects to diversify energy sources, expand grid capacity, and modernize the network using advanced technologies to enhance efficiency and reduce losses.