MOSCOW, February 4 (RAPSI) – The General Court of the European Union (GCEU) confirmed on Tuesday that a Lebanese bank can be properly included among the entities subject to the EU’s restrictive measures against Syria, according to a statement released by the court.

The Council of the European Union (Council) previously adopted restrictive measures against the state-owned Commercial Bank of Syria (CBS), which in turn owns the Beirut-based Syrian Lebanese Commercial Bank (SLCB). SLCB was included within the restrictive measures because of its link to CBS.

SLCB moved for the restrictive measures leveled against it to be quashed. On Tuesday, the GCEU rejected the request.

The court held that the Council had adequately stated reasons for its designation of SLCB. The Council had reasoned that SCLB was linked in a capital nature to CBS, and that it had participated “in the financing of the regime,” according to the statement.

The capital link between the banks was adequate, in the court’s view, to establish that SLCB was included due to its subsidiary status of CBS.

With regard to the regime-financing claim, the statement noted: “Even if the second part of the reasons (participation in the financing of the regime) is not sufficiently precise, the first part of the reasons suffices alone for the view to be taken that the Council has fulfilled its duty to state reasons.”

However, the court noted that the Council was correct in its belief that the SLCB was at least indirectly implicated in financing the regime. The court asserted that CBS holds 84.2% of SLCB’s capital. As CBS is wholly owned by the state, the court asserts that a link has been established.

The statement noted that the GCEU opinion can be appealed before the Court of Justice within two months.