Syria devalued its currency by 44% on Wednesday, announcing a new official exchange rate for the pound amid chaos in the market, hours before new U.S. sanctions aimed at cutting off revenue for Syrian President Bashar Assad's government were expected to take effect.
The sanctions, known as the U.S. Caesar Syria Civilian Protection Act, are the toughest set of measures to be imposed on Syria yet, with the names of the first wave of targeted individuals expected to be announced later Wednesday.
The sanctions prevent anyone around the world from doing business with Syrian officials or state institutions or from participating in the country's reconstruction.