Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Lebanese firm under U.S. sanctions accuses Washington of choking economy

Published 09/18/2020, 09:00 AM
Updated 09/18/2020, 09:05 AM
© Reuters.

BEIRUT (Reuters) - A Lebanon-based consulting company hit by U.S. sanctions said on Friday it was surprised by the move and accused Washington of seeking to choke the battered Lebanese economy.

The United States imposed sanctions on Thursday on an official from Hezbollah, a movement backed by Iran and deemed a terrorist group by Washington, and two firms based in Lebanon, which is wrestling with an economic crisis.

The U.S. Treasury said those targeted had ties to the heavily armed and politically powerful Shi'ite Muslim group.

The measures build on sanctions the United States imposed this month on two former Lebanese government ministers, who it accused of enabling Hezbollah.

"The company is surprised that the American administration accused it of corruption and enriching some individuals at the expense of the Lebanese people," said Arch Consulting, one of the two firms blacklisted by the Treasury Department.

The statement blamed Washington's "policy of sanctions and blockade" for Lebanon's "deteriorating economic conditions".

Lebanon's economy is collapsing after the nation built up a mountain of debt following its 1975-1990 civil war. Its banks are paralysed, its currency has crashed and it has defaulted on its sovereign borrowing.

Adding to its problems, a huge port blast in August ripped through Beirut, killing nearly 200 people, injuring thousands of others and causing damage estimated at billions of dollars.

French President Emmanuel Macron called Lebanon's president on Friday to discuss the need to press on with efforts to form a new government, seeking to give new momentum to France's initiative to pull the country out of crisis.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.