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Treasury Blacklists Syrian Luxury Developer For Assad Ties

Law360 (June 11, 2019, 10:19 PM EDT) -- The U.S. Department of the Treasury on Tuesday slapped sanctions on a Syrian luxury developer and his business empire, which includes the Four Seasons Damascus, in a bid to choke out financial assistance to Syrian President Bashar al-Assad’s regime.

Treasury’s Office of Foreign Assets Control blacklisted 16 people and companies tied to the luxury reconstruction and investment spaces that are allegedly associated with an “international network benefiting the Assad regime,” the department said.

Treasury said that Syrian oligarch Samer Foz, who owns the Four Seasons hotel in Syria’s capital, has profited off reconstruction in Syria by building luxury developments on land...

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