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Central Bank of Syria

Central Bank of Syria

The U.S. Treasury Department sanctioned Syria’s central bank over its ties to Iran as it seeks to punish the ruling regime for what it calls “atrocities” against the Syrian people.

The sanctions also targeted Lina Mohammed Nazir al-Kinayeh, a senior member of Syrian President Bashar al-Assad’s government, and her husband. The central Bank of Syria, which is already on the U.S. sanctions list, is also now on the blocked entities list for its “deep ties” to Iran, Treasury said in a statement on Tuesday.

“The Treasury Department will continue to use all of its tools to expose those who stand with the Assad regime and enable these crimes to continue,” Treasury Secretary Steven Mnuchin said.

According to the U.S. Treasury Department:

OFAC additionally added the Central Bank of Syria (CBoS) to the SDN List, highlighting its blocked status. The CBoS is already blocked as meeting the definition of the Government of Syria in E.O. 13582 and the Syrian Sanctions Regulations, 31 C.F.R. Part 542. The CBoS oversees monetary policy in Syria, and one of its main functions is the issuance of a national currency, which is exercised by the CBoS solely on behalf of the Government of Syria. The CBoS additionally regulates the operations of private sector banks and money services businesses in the markets and acts as the fiscal and depository agent of the Government of Syria. The CBoS has deep banking ties to Iran, the world’s largest state sponsor of terrorism, and the CBoS has been an integral part of the regime’s efforts to increase public revenues and prop up the Syrian currency.

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