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Sanctions against Syria did not affect Lebanese banks

Middle East News

30-08-2011 | 14:24

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Sanctions against Syria did not affect Lebanese banks

Former Chairman of the Banking Association Francois Bassil said that there were no Lebanese banks in Syria, rather Syrian companies with Lebanese shares that can reach 49%. In response to LBC’s question on the sanctions imposed on some Syrian banks, Bassil said that Lebanon respects all international laws.

“The Lebanese banking sector was not affected by the sanctions imposed on Syria since the banks in question are Syrian, according to the law, and they are Lebanese by name alone”, Bassil said.

The international sanctions that were imposed on Syria and to which the Lebanese banking sector is committed include freezing the funds of individuals whose assets have been frozen, and abstaining from carrying out transfers or deposits for sanctioned individuals in U.S. dollars.

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