U.S. Slaps Sanctions on Syria Largest Commercial Bank, Lebanon Subsidiary

The United States on Wednesday imposed sanctions on Syria's largest commercial bank and largest mobile phone operator, stepping up the pressure on the regime of President Bashar al-Assad.

The moves targeting the state-owned Commercial Bank of Syria, its Lebanon-based subsidiary and telecoms company Syriatel are the latest taken by Washington against Syria over its crackdown on anti-regime protests.

The U.S. Treasury said it was "taking aim at the financial infrastructure that is helping provide support to Assad and his regime's illicit activities."

The move freezes the U.S. assets of the businesses targeted and prohibits U.S. entities from engaging in any business dealings with them, the Treasury said in a statement.

Treasury Under-Secretary for Terrorism and Financial Intelligence David Cohen charged that the state-owned Commercial Bank of Syria was "an agent for designated Syrian and North Korean proliferators."

Its subsidiary, the Syrian Lebanese Commercial Bank, was also targeted by the new sanctions.

He added that Syriatel had been singled out "for being controlled by one of the regime's most corrupt insiders."

The Treasury said the Damascus-based Commercial Bank of Syria, which has about 50 branches, was "providing financial services to Syria's Scientific Studies and Research Center, as well as North Korea's Tanchon Commercial Bank."

Those two institutions have allegedly supported Syria and North Korea's efforts to spread weapons of mass destruction, the Treasury statement said.

U.S. President Barack Obama signed an executive order in May, imposing targeted sanctions on Assad and several high-ranking Syrian government officials for their bloody crackdown on the country's pro-democracy demonstrators.

On Tuesday, the U.S. State Department pressed for more international sanctions against Syria, conceding it has abandoned a bid to engage Damascus.

"It is deeply regrettable that President Assad does not seem to be hearing the increasingly loud voice of the international community, a voice of concern that is now growing in strength, in volume and in number of countries making their views known," State Department spokeswoman Victoria Nuland said.

Russia has taken a tougher line against Syria since it sent tanks into the revolt hub of Hama. Assad has pledged to pursue a relentless battle against "terrorist groups" he claims are behind the protests.