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Sunday, March 12, 2006 

America imposes sanctions on the Commercial Bank of Syria

The US has banned all American companies and banks from dealing with Syria.

No American is now allowed to hold an account with the Commercial Bank of Syria, making life difficult for the many US residents in Damascus.

But more importantly, it adds another hurdle for American companies to do business in Syria. Now, all earnings will have to be shipped out of the country in cash - a practically impossible situation.

And it will undoubtedly push Syria back towards its tried and tested policy of economic isolation, at a time when Syrian reformers are trying to open the country up to foreign investment.

I thought the sanction are against the official bank of Syria not the private banks of Syria ,can you explain.

No, this is a seperate sanction. This is news, and attacks Syria's private bank - the Commercial Bank of Syria.

But the Commercial Bank of Syria IS a Government bank.. it is not private.. (I am not saying it is ok to impose sanctions on it, though!..)

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