EU announces Syria’s oil sanctions against Syria to stop imports

Some Syrian businessmen said on September 24 that Syria prohibited the import of most materials other than unprocessed raw materials and grains to preserve the reserves and deal with the sanctions imposed by Western countries.

In addition, in response to the EU’s announcement of Syria’s oil sanctions, Syria decided to take the barter trade of crude oil for fuel to ease the domestic diesel shortage.

The EU announced that the new sanctions Syrian businessmen and traders told Reuters, Syria ordered the ban on imports of all goods with more than 5% of the tariff. This means that the vast majority of foreign goods, from electronic products to cars and luxury goods, are prohibited from import.

Reuters analyzed that Syria’s move showed that it felt pressure from foreign sanctions. On the 24th, the European Union announced that it imposed sanctions on Syria’s major mobile communications operator and the largest private company, Sharm Holdings.

In addition, according to the official EU publication, the European Union has imposed sanctions on a television station and three construction and investment companies that are linked to the Syrian army.

The West accused Syria of violent demonstrations and imposed sanctions on Syria. The United States has announced that it will freeze all Syrian authorities’ assets in the United States and prohibit US citizens from investing in Syria.

The sanctions imposed by the EU on the exchange of crude oil for fuel became a supplement to the previously announced oil embargo.

The European Commission imposed an oil embargo on Syria earlier this month, not only prohibiting the import of Syrian crude oil and petroleum products, but also imposing sanctions on Syrian oil exports-related crimes and insurance. On the 23rd, the European Union began to ban European companies from investing in Syria’s new oil sector with the goal of reducing Syria’s reserves.

Analysts pointed out that about 95% of Syria’s oil is exported to Europe, and the ban may create tremendous pressure. However, some experts believe that Syria can find new buyers.

Trade sources said that Syria has proposed a plan to exchange diesel with crude oil in order to solve the problem of urgently needed diesel.

The European Union’s oil sanctions on Syria did not include the prohibition of the sale of fuel to Syria, but foreign oil companies refused to participate in bidding on Syria’s purchase of fuel because it was almost impossible for the ships carrying fuel to receive insurance and receive payments from international banks.