Global Arab Network | European Union bans investment in Syrian oil industry

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European Union bans investment in Syrian oil industry

Global Arab Network - - Asmaa Malik

Friday, 23 September 2011 14:12

http://www.english.globalarabnetwork.com/images/stories/2009/NOV/syria_gas_oil-1.jpg

Global Arab Network - The European Union today announced it was stepping up its sanctions against the Syrian regime, banning investment in key sectors of the oil industry, in view of what High Representative Catherine Ashton described as “the continuing brutal campaign by the Syrian regime against its own population”.

The ban aims at investment in Syrian enterprises engaged in exploration, production and refining crude oil, both in their country and abroad. EU-based operators may no longer acquire a participation in such companies nor create joint ventures with them. Credits and financial loans to such enterprises are also covered by the ban.

“I have said repeatedly that the regime's repression against the Syrian people must stop completely, that detained protestors must be released immediately and that a genuine and inclusive national dialogue must be launched in Syria without delay,” said Ashton, adding that the measures were necessary because the Syrian regime has resisted urgent calls from the European Union as well as the international community to take such steps.

The Council of the European Union also banned the delivery of Syrian-denominated bank notes and coinage produced in the EU to the Syrian Central Bank. In addition, it added two more persons and six entities to the list of those targeted by an asset freeze and travel ban.

Ashton said the restrictive measures were designed to have maximum impact on the Syrian regime, while minimizing any potential negative impacts on the Syrian population. “This is done by carefully targeting those individuals and entities which benefit from or support the regime,” she said, adding the EU would consider further measures in the light of developments.

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