Posted on 09/04/2011 7:20:46 AM PDT by Libloather
EU adopts Syria oil embargo
AFP – Thu, Sep 1, 2011
The European Union on Friday adopted a ban on crude oil imports from Syria although European companies will be able to fulfill existing supply contracts until November 15, the EU and diplomats said.
The EU also expanded the list of individuals targeted by assets freezes and travel bans, adding four Syrian businessmen accused of bankrolling the regime of President Bashar al-Assad, the diplomats said.
Three companies, including a bank, were added to the blacklist as well.
"In view of the gravity of the situation in Syria, the (European) Council today further tightened the EU's sanctions against that country and imposed a ban on the import of Syrian oil to the EU," the EU said in a statement.
"The prohibition concerns purchase, import and transport of oil and other petroleum products from Syria. No financial or insurance services may be provided for such transactions."
The announcement coincided with a key meeting of EU foreign ministers in Sopot, 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.
(Excerpt) Read more at news.yahoo.com ...
Thanks Libloather.
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