EU reaches deal at Syrian Oil Ban

[Bosonic]

Source: WSJ

BRUSSELS– The European Union reached a fresh deal Wednesday to broaden sanctions on Syria that include an oil embargo. EU states agreed to give companies with existing oil import contracts until Nov. 15 to comply with an oil embargo, diplomats said. The original deal proposed that temporary exemptions for oil companies expire Oct. 30.

Around 95% of Syrian oil exports go to the EU, providing a significant portion of the Syrian regime's revenues.

Such Sanctions are paving the way for what could prove the most significant step taken against the regime of President Bashar al-Assad over his crackdown on protesters, as EU said.

Besides the embargo on oil imports, other measures include the withdrawal of technical assistance for European Investment Bank projects, and a change in the legal basis of the sanctions so the EU in the future can target those benefiting from or supporting the regime, not just those implicated in the violence.

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[Freddie Stubbs]

1. If the EU doesn't want it, China will