Syria oil embargo, other sanctions prepared by EU

First time EU will target Syrian industry; analysts say the sanctions may have only a limited impact on Assad's access to funds.

September 2, 2011 14:07
2 minute read.
Benjamin Netanyahu

Bibi netanyahu. (photo credit: JPost Staff)


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

SOPOT, Poland - The European Union is expected to agree to an embargo on Syrian oil exports on Friday and will expand other sanctions as it tries to intensify pressure on President Bashar Assad and his government.

The United States, EU and other Western powers want Assad to end a violent five-month-old crackdown against pro-democracy protesters and give up power, but he shows no sign of quitting up. More than 2,000 civilians have been killed, the United Nations says.

Amnesty slams Syrian torture, deaths in detention
Peace with post-Assad Syria possible, dissident says

Be the first to know - Join our Facebook page.

The EU has already banned Europeans from doing business with dozens of Syrian officials, government institutions and military-linked firms tied to the violence, but the measures seem to have had little influence on Assad's policy.

Friday's steps are the first time the EU will target Syrian industry but analysts say the sanctions, which do not go as far as the investment ban imposed by the United States last month, may have only a limited impact on Assad's access to funds.

"President Assad is carrying out massacres in his own country," Polish foreign minister Radoslaw Sikorski said in the Polish resort of Sopot, where EU foreign ministers are holding informal policy discussions on Friday and Saturday.

"The whole international community is urging him to relinquish power."

If approved, the ban on Syrian crude oil exports to the EU will go into effect in the next few days, although existing contracts will be fulfilled until Nov. 15.

Alongside the embargo, EU governments are also expected to prohibit Europeans from doing business with several Syrian companies, including a bank, and add more people to a list of officials targeted by EU asset freezes and travel bans.

More sanctions could be imposed in the coming weeks, EU diplomats said.

"We wanted to have something done quickly but work continues on further measures," one diplomat said.

Click for full Jpost coverage of turmoil in the Middle East

Related Content

Prime Minister Benjamin Netanyahu
August 31, 2014
Prime minister to Channel 1: I’ll be running again in next election

By Gil Stern Stern HOFFMAN