Report: Bank Transfers from Saudi Arabia to Lebanon Halted
Bank transfers from Saudi Arabia to Lebanon have stopped as part of the measures taken by Riyadh against the country following the halt of billions of dollars of aid to the Lebanese army and security forces, al-Joumhouria daily reported on Wednesday
The newspaper quoted banking sources as saying that Lebanese banks have informed their branches about the halt of transfers.
The sources said that Saudi authorities have not yet made an official announcement on the issue but are stopping money transfers for individuals and companies by asking for documents and the approval of the Saudi sponsors to send the funds.
Such measures had not been implemented in the past and makes it almost impossible to transfer money, they added.
Riyadh started putting pressure on Lebanon last month when it halted $4 billion of aid to the Lebanese army and security forces under the excuse that the country is siding with Iran, Hizbullah's main backer.
Saudi Arabia later pressured the Gulf Cooperation Council into considering Hizbullah a terrorist organization. The move was followed by a similar step made by the Arab League, which blacklisted the party earlier this month.
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