Syrian Lebanese bank rejects US Treasury sanctions

August 17, 2011 18:18

BEIRUT - A Beirut-based subsidiary of Syria's state-owned Commercial Bank of Syria, added to a list of US sanctions targets last week, said on Wednesday it had done nothing illegal and was confident its clients would ignore Washington's measure.

The US Treasury Department announced sanctions against Syrian Lebanese Commercial Bank (SLCB)and its main shareholder, Commercial Bank of Syria, on Aug. 10, freezing their US assets and barring them from doing business in the United States.

The move was part of escalating US pressure on Syrian President Bashar Assad over his repression of five months of street protests calling for his overthrow.

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