European Union Bans Syrian Oil Imports

By Admin
Following the reported killing of 13 civilian protesters, the European Union (EU) has decided to ban imports of Syrian oil. Syrian President Bashar Ass...

Following the reported killing of 13 civilian protesters, the European Union (EU) has decided to ban imports of Syrian oil.  Syrian President Bashar Assad’s regime has been murdering civilians since the outset of the uprising five months ago, and apparently Europe has had enough.  The ban will drain the regime of millions of dollars per day in oil revenues. 

The United Nations (UN) estimates that 2,200 people have been killed since the uprising in Syria began.  Most recently, protesters have been marching under the slogan, “Death Rather Than Humiliation.”  While the protesters have typically sought peaceful anti-regime demonstrations, they have faced an onslaught of bullets from government forces.  Recent weeks have marked a shift in that sentiment, however, as protesters are now calling on their fellow Syrians to take up arms and inviting foreign military aid to defeat Assad’s regime. 

SEE OTHER TOP STORIES IN THE WDM CONTENT NETWORK

Pacific Gas and Electric Under Federal Investigation

ExxonMobil and Rosneft Partner for Arctic Offshore

Read the latest issue of Energy Digital!

Damascus earns about 28 percent of its total revenue from selling oil to countries like France, Germany, Italy and the Netherlands.  Syria exports roughly 150,000 barrels of oil per day, mostly to Europe.  The country earned a total of 3.1 billion euros ($4.4 billion) selling oil to the EU in 2010, accounting for 1.5 percent of the EU’s total crude imports that year.

“The impact of the ban in terms of EU oil supply is very minimal, but the impact on the financing of the Syrian regime is quite substantial,” says EU trade spokesman John Clancy.

DOWNLOAD THE ENERGY DIGITAL iPAD APP

However, with Syria’s regime reportedly receiving aid from Iran, analysts fear that sanctions alone will not be enough to coax a peaceful settlement to the protests.  The EU has also imposed bans on European banks from opening credit lines for Syrian oil sales and has prohibited European insurance companies from insuring Syrian cargo. 

Share

Featured Articles

Data Centre Demand Putting Pressure on Energy Capabilities

Utilities in the US are predicting a tidal wave of demand for data centres thanks to the boom of AI, which, in turn, will dial up the need for electricity

Q&A with Hitachi Energy’s EVP & Head of North America

Anthony Allard, who heads up Hitachi Energy as Executive Vice President and Head of North America, shares why the grid is holding us back from clean energy

OMV Takes Strides in Energy Efficiency & Emissions Reduction

Austrian multinational integrated oil, gas & petrochemical company OMV continues its sustainability mission, and reports Scope 1 & 2 emissions are down 25%

Q&A with RAIN Alliance President and CEO Aileen Ryan

Technology & AI

Who is Greg Joiner, the new Head of Shell Energy?

Oil & Gas

Watershed Workshop at Sustainability LIVE: Net Zero

Sustainability