Investment in Syria’s crude oil banned across Europe

The collective governments of the European Union issued an official ban on Europe’s investment firms dealing with Syria’s crude oil industry. The E.U. officials have also added a few new entities and two more persons to their list of sanctions.

These sanctions are due to be formally green-lit this Saturday. Once they take full effect, they will ensure that all 27 governments involved in the E.U. will fully ban delivery of Syrian currency that is made in the region.

Officials from the Union refused to name the specific new entities and persons added to the sanctions list, yet made it clear that the new conditions will include asset freezing, travel bans and generally halt all business transactions between the entries and the nations in the Union.

The Union’s initial plans to add one of Syria’s largest banks to the entry list was ultimately decided against, due to concerns over the action negatively affecting the country’s smaller companies and general population.

The sanctions list comes at the peak of Europe’s economic pressure on Syria’s president Bashar al-Assad, whose highly violent retaliations against anti-state protestors have been going on for nearly six months now.

The new entries on the ever-growing list of sanctions will complement a recent ban of importing crude oil from Syria into Europe. All investments into the oil commodity of the nations have also been forbidden. All European companies are now banned from making new Syrian crude oil investments. Already existing investments, however, will be left alone.

Officials from the European Union have stated that the sanctions list is ultimately supposed to prevent any and all long-term access to funds for Assad’s state.

Among E.U.’s high-profile investors in Syria’s crude oil industry are Royal Dutch Shell and Total.

The sanctions lists issued by the U.S. have already placed nation-wide bans on Syria’s crude oil as well.

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