World EU Quashes Sanctions on Syria International Islamic Bank



European sanctions imposed on Syria International Islamic Bank (SIIB) were unjustified and must be lifted, an EU court ruled on Wednesday.

The EU has implemented a raft of sanctions imposed on Syrian individuals and businesses, part of a bid to halt violence in the war-torn country.

However the EU's General Court found that a ``manifest error’’ was made when the bloc hit SIIB with an asset freeze.

According to the court, the bank's capital is held by Qatari and Syrian shareholders.

The sanctions had been imposed due to the links SIIB has with the Commercial Bank of Syria and the Syrian Lebanese Commercial Bank, which have both been blacklisted by the EU for their ties with the Syrian state.

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