Special to WorldTribune.com

WASHINGTON — The United States, under pressure to stop President
Bashar Assad, has imposed sanctions on a major Syrian bank.

The Treasury Department has designated the Syria International Islamic
Bank for U.S. sanctions.

Treasury said the Syrian bank was serving as a front to help the nation’s financial community circumvent U.S. and international sanctions.

“Today’s action will add to the economic pressure on the Assad regime by closing off a key evasion route,” Treasury Undersecretary David Cohen said on May 30.

Officials said SIIB was providing services to such sanctioned
institutions as Commercial Bank of Syria and the Syrian Lebanese Commercial Bank. They said SIIB, established in 2007, was providing services through its 20 branches and three representative offices.

“From 2011 to 2012, SIIB surreptitiously facilitated financing worth
almost $150 million on behalf of the Commercial Bank of Syria,” Treasury
said.

“Financial arrangements that were purportedly made by SIIB were
actually made by the Commercial Bank of Syria. In addition to working with
the Commercial Bank of Syria to circumvent sanctions, in 2012, SIIB
facilitated several substantial payments for the Syrian Lebanese Commercial
Bank, and facilitated a payment from this designated bank to an entity of
proliferation concern.”

Commercial Bank came under U.S. sanctions in 2011. Officials said the
bank was linked to North Korean exports of missiles and weapons of mass
destruction to Syria.

Officials said the latest sanctions were coordinated with U.S. allies in
the Middle East. They cited Qatar, which would also sanctions SIIB despite
involvement by investors from the Gulf Cooperation Council emirate.

“We commend the government of Qatar for its important regional and
international role in maintaining economic pressure on the Assad regime,”
Treasury said. “Today’s action does not target the Qatari investors who hold
investments in SIIB.”

  Bashar Assad, Commerical Bank of Syria, David Cohen, Syria International Islamic Bank, Syrian Lebanese Commercial Bank, U.S. moves against Syrian bank termed sanctions ‘evasion route’