EU tightens financial sanctions against Syria amid escalating violence

Luxembourg City, Luxembourg (4E) – In the wake of rising violence in Syria, the European Union (EU) announced fresh sanctions against the country.

Twenty-eight individuals and two entities face asset freezes and travel ban under the ban. The 27-nation bloc also imposed a ban on arms import from Syria. This means the EU will no longer be involved in any transport of Syrian arms.

The sanctions will also see EU’s restrictions on its nationals and businesses from supplying any kind of financial assistance to Syrian arms exports. “No EU citizens or companies must be involved in Syrian military cooperation with third countries, which could benefit the Syrian regime,” the conclusion adopted by the EU foreign ministers said.

EU foreign policy Chief Catherine Ashton warned against further militarization of the conflict, calling all member states to curb oneself from supplying weapons to Syria. She also called the states to follow the bloc in preventing the supplies that intensify the fighting.

Responding to the EU’s sanctions, Syrian Transport Minister Mahmoud Said claimed that it has not caused huge losses in the transportation sector, amounting the total loss to $47.4 million. In a statement to government-run al- Thawra newspaper, Electricity Minister Imad Khameis estimated the losses in electricity sector at $146 million.

The minister hoped that his ministry would be able to put four projects in service for power generation by 2015 to meet the domestic demands. Khameis acknowledged that the previous sanctions had hit oil sector badly, causing shortage of diesel and cooking gas supplies. According to Oil Minister Said Hneidi, the conflict-hit country faced a damage of $73 million, excluding $2.92 billion losses, which happened because of stopping of oil exports.

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