EU Bans Syrian Oil Imports
On-going violence in Syria has sparked a ban on Syrian crude imports by the EU to put economic pressure on the oppressive regime. (image: washingtontimes.com)
The European Union has banned imports of crude oil from Syria in response to President Bashar al-Assad’s deadly crackdown on pro-democracy protestors, Bloomberg.com reported.
The oil embargo was approved Friday by EU governments in Brussels and expands existing sanctions against the Syrian regime.
The ban affects Syrian exports valued at $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, according to commission data.
“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 US 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 US in mid-August.
A loading program obtained by Bloomberg shows about 160,000 barrels crude a day were due to be shipped from Syria this month by oil companies, refiners and traders.
It is unclear what the effect the embargo could have on global crude, gasoline and heating oil prices. The loss of Libya’s 1.3 million barrels due to civil war sent world oil prices skyrocketing earlier this year to 30-month highs.
HeatingOil.com reported in July accusations that the US had breached the Iran Sanctions Act by selling part of a 30-million-barrel draw-down of reserve oil stocks to an energy trading company with links to the Iranian regime.
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 2200.
Assad has deployed tanks, armored vehicles, artillery and helicopters to crush an uprising that began in March after “Arab Spring” revolts ousted the leaders of Tunisia and Egypt and sparked the Libyan conflict.
