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EU Bans Syrian Oil

02 September 2011 14:56 (UTC +04:00)

The oil embargo approved by EU governments today in Brussels affects Syrian exports valued at 3.16 billion euros ($4.5 billion) in 2010, according to the European Commission, the 27-nation blocâ€™s executive arm. Crude oil accounted for 88 percent of total EU imports from Syria last year, commission data show.

â€œThe prohibition concerns the purchase, import and transport of oil and other petroleum products from Syria,â€ the EU said in a statement. â€œNo financial or insurance services may be provided for such transactions.â€

EU foreign policy chief Catherine Ashton announced the planned embargo two weeks ago, when she cited â€œintensifying large-scale use of indiscriminate military forceâ€ in Syria and joined leaders in Europe and the U.S. 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 U.S. in mid-August and will take effect after the decision is published tomorrow in the blocâ€™s Official Journal. Total SA (FP), Royal Dutch Shell Plc (RDSA), Repsol YPF SA (REP) and OMV AG (OMV) are among oil companies, refiners and traders that had planned to ship about 162,200 barrels a day of Syrian crude this month, according to a loading program obtained by Bloomberg.

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 â€œresponsible for the violent repression against the civilian population.â€ The United Nations puts the death toll at more than 2,200.