EU Bans Syrian Oil After Assad Rejects Resignation Demands
The European Union banned imports of crude oil from Syria, expanding sanctions against President Bashar al-Assad’s regime for its deadly crackdown on protesters.
The oil embargo approved by EU governments today in Brussels affects Syrian exports valued at 3.16 billion euros ($4.5 billion) in 2010, according to the European Commission, the 27-nation bloc’s executive arm. Crude oil accounted for 88 percent of total EU imports from Syria last year, commission data show.
“The prohibition concerns the purchase, import and transport of oil and other petroleum products from Syria,” the EU said in a statement. “No financial or insurance services may be provided for such transactions.”
EU foreign policy chief Catherine Ashton announced the planned embargo two weeks ago, when she cited “intensifying large-scale use of indiscriminate military force” in Syria and joined leaders in Europe and the U.S. in calling on Assad to step down. Assad rejected the demands and pledged to schedule parliamentary elections by February.
The EU import ban follows a similar step by the U.S. in mid-August and will take effect after the decision is published tomorrow in the bloc’s Official Journal. Total SA (FP), Royal Dutch Shell Plc (RDSA), Repsol YPF SA (REP) and OMV AG (OMV) are among oil companies, refiners and traders that had planned to ship about 162,200 barrels a day of Syrian crude this month, according to a loading program obtained by Bloomberg.
The EU is widening sanctions against Syria that include an arms embargo as well as an asset freeze and a travel ban on 50 people and nine entities deemed “responsible for the violent repression against the civilian population.” The United Nations puts the death toll at more than 2,200.
Faced with the most serious threat to his family’s 40-year rule, Assad has deployed tanks, armored vehicles, artillery and helicopters to crush the uprising that began in mid-March after revolts ousted the leaders of Tunisia and Egypt and sparked a conflict in Libya.
In its statement today, the EU also said it decided to add four people and three entities to the list of those targeted by the asset freeze and travel ban against Syria.
To contact the reporter on this story: Jonathan Stearns in Brussels at jstearns2@bloomberg.net
To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net
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