Bloomberg News

Syrian Islamic Bank Says It’s Unaffected by U.S. Sanctions

June 05, 2012

The Syria International Islamic Bank, placed under sanctions by the U.S. last week, said the measure has not affected operations because the bank has no assets in the U.S.

The bank said on its website yesterday that its transactions are legally “flawless” and it has the documents to prove that. The U.S. designated the bank on May 30 as “acting for or on behalf of” the Commercial Bank of Syria and providing services to the Syrian Lebanese Commercial bank, both of which are subject to U.S. sanctions.

The action will add to economic pressure on the government of Syrian President Bashar al-Assad “by closing off a key evasion route,” David Cohen, the Treasury’s undersecretary for terrorism and financial intelligence, said last week.

Assad is trying to quell a 15-month uprising against his rule. The crackdown has killed more than 10,000 people, according to United Nations estimates.

To contact the reporter on this story: Donna Abu-Nasr in Manama at dabunasr@bloomberg.net;

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net


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