EU agrees on new financial sanctions on Syria

Syrian banks will be banned from operating in Europe; France invites Turkey to participate in EU meeting to approve measures.

By REUTERS, JPOST.COM STAFF
November 28, 2011 15:59
2 minute read.
European Union leaders

European Union leaders Sarkozy, Merkel 311 (R). (photo credit: REUTERS/Thierry Roge)

 
X

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

European Union governments agreed on Monday to impose additional financial sanctions on the government of Syrian President Bashar Assad over a crackdown on pro-democracy protests, an EU diplomat said.

The new measures include a ban on long-term financial support for trade, excluding food and medicine, and on loans to the government, both bilateral and through international financial institutions.

Be the first to know - Join our Facebook page.


RELATED:
Arab League sanctions fail to stop Syrian violence
Syria TV: Arab League sanctions 'unprecedented'
Analysis: Iran adopts 'wait and see' policy on Syria

France asked its European Union partners to invite non-member Turkey to this week's foreign ministers' meeting in Brussels on Thursday to discuss the next steps in dealing with Syria's crackdown on anti-government protests.

"We have proposed that Turkey be invited to the foreign affairs meeting to discuss the situation in Syria. This invitation, which is extremely important in our eyes, is being considered in Brussels," said a French Foreign Ministry statement.

Under the new measures, to be approved formally at Thursday's meeting, EU companies will also be prohibited from trading in Syrian state debt.

Banks from Syria will also be banned from opening branches in EU countries or investing in European banks.



"All these measures are aimed at cutting off the financial flows to the Syrian government," said the diplomat, speaking on condition of anonymity.

The decision will also extend the list of people, institutions and companies targeted by EU asset freezes and travel bans by 12 persons and at least 11 entities.

Earlier Monday the EU welcomed unprecedented Arab League sanctions imposed on Syria, casting them as a response to the "brutality and unwillingness to change course" of the Damascus government.

"We welcome and support the decision taken by the Arab League," said Maja Kocijancic, spokeswoman for EU foreign policy chief Catherine Ashton.

"Sanctions by the Arab League as well as the restrictive measures applied by the EU are a reaction to the regime's brutality and unwillingness to chance course," she said.

In an interview with French Info radio, French Foreign Minister Alain Juppe said Monday that the Syrian regime's days are "numbered."

Juppe added that efforts to stop the killing of Syrian protesters are moving slowly. However, thanks largely to Arab League sanctions, they are making progress. "The Arab League, which carries considerable political weight, has just decided on some sanctions which will isolate the Syrian regime a bit more."

The Arab League suspended Syria's membership in the organization earlier in the month, and on Sunday
agreed to impose economic measures on the Damascus-based regime. The sanctions - the toughest against a member state - include a travel ban on top Syrian officials and a freeze on assets related to the President Bashar Assad's government.

Related Content

Muslim pilgrims circle the Kaaba and pray at the Grand mosque ahead of annual Haj pilgrimage in the
August 20, 2018
Muslims at hajj blame Arab disunity for Jerusalem embassy move

By REUTERS