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US sanctions on Hezbollah are harming Lebanon as a whole, President Michel Aoun said on Thursday ahead of a visit to the country by U.S. Secretary of State Mike Pompeo, Reuters reported.

“Lebanon is within the siege that has been imposed on others, particularly on Iran. And it is passing, as a result of that, through a big crisis,” Aoun told Russian media in Lebanon, the Lebanese Presidency office said.

Sanctions against Hezbollah introduced since 2016 raised fears among Lebanese that U.S. correspondent banks might deem Lebanese banks too risky to do business with, harming a major part of Lebanon’s economy.

However, Lebanon’s Central Bank has repeatedly said that the banking sector is fully compliant with sanctions and that foreign institutions are satisfied with how it implements regulation.

“We don’t expect more measures against the banks,” Aoun, a Hezbollah ally, said.

But he said the “negative impact of the siege on Hezbollah afflicts all Lebanese, as it does the Lebanese banks”.

“Every Lebanese bank has uncertainty about dealing with a depositor, fearing that he has a link with Hezbollah ... This mutual fear does not build an economy and sound trade relations,” he added.

 

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