SIIB: European sanctions unfair, unjustified
DAMASCUS– Syria International Islamic Bank (SIIB) said that the EU sanctions against the bank are biased, unjustified and came in line with the U.S. sanctions imposed against it last May.
In a statement issued on Tuesday, the SIIB stressed that the sanctions are not based on facts or tangible evidence that incriminate the bank's dealings.
"As the sanctions included freezing the SIIB funds held in the EU countries, the bank, as a precautionary step, has withdrawn its assets from the European banks except for appropriations set aside for open credits," the statement added.
The bank said that the credits belong to clients who are not included in the sanctions and to import goods that are not on the international ban list and 100% covered by insurance.
The statement added that the bank's foreign operations in Europe are conducted through first-class European banks and they did not include dealings for individuals on the ban list, indicating that these banks will not allow operations that are subjected to the international ban on Syria through their banking systems.
The statement added that the records prove the validity of SIIB dealings and their compliance with the international banking standards.
The Bank said t will continue its works to meet the needs of all Syrians, adding that it will take necessary legal procedures to reconsider the decision by the European Council within the identified period.