EU adopts oil embargo on Syria

Talal Abdullah
Friday, 02 September 2011

Global Arab Network - The European Union formally adopts a ban on Syrian oil imports today, but the embargo will take effect on November 15 for existing contracts after Italy insisted on a delay, according to diplomats.

The EU will also expand its list of people targeted by an assets freeze and travel ban, adding four businessmen accused of bankrolling the regime of President Bashar al-Assad, the diplomats told AFP Thursday.

And three companies, including a bank, will see their assets in the EU frozen as punishment for the regime's deadly repression of protesters, the sources said on condition of anonymity.

The announcement of the oil embargo will coincide with a key meeting of EU foreign ministers in Poland. The measure will deprive Assad's regime of a vital source of cash, as the EU buys 95 percent of Syria's crude oil.

"These measures must be validated by European governments on Friday," one diplomat said, after the EU reached a preliminary agreement on Monday.

Source: Global Arab Network.
Link: http://www.english.globalarabnetwork.com/2011090211810/Energy/eu-adopts-oil-embargo-on-syria.html.