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EU Considering Lifting Sanctions On Syrian Oil & Gas
The European Union is considering lifting wide-ranging sanctions on Syria, including restrictions on the country’s oil and gas sector following the ouster of former Syrian President Bashar al-Assad a month ago.
In a non-paper–an informal EU document used by member states in closed door negotiations–the EU has proposed the removal of “export ban on oil and gas technology, as well as restrictions on export and participation in infrastructure projects and financing.”
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The EU also says that any possible delisting of Al-Qaeda related factions such as Hay’at Tahrir al-Sham (HTS) as terrorist groups must be decided at UN Security Council level before being implemented by the EU. HTS–a former Al-Qaeda branch in Syria that was linked to ISIS in the region–led the fall of the Bashar al-Assad regime. EU countries are also mulling lifting restrictions on airlines, such as the Syrian Arab Airlines, in order to “facilitate civilian flight operations between the EU and Syria”.
EU Regulation 36/2012has imposed various restrictions on Syria’s energy sector including:
- Prohibition on the transport of crude oil and petroleum products of Syrian origin
- Prohibition on the provision of key equipment and technology for use in the oil and gas industry in Syria,
- Prohibition on the provision of insurance and reinsurance to Syrian persons and entities
The United States has imposed similar sanctions, including bans on:
- Exporting, re-exporting, selling or supplying directly or indirectly, of any services to Syria
- Importing or dealing in Syrian-origin petroleum or petroleum products
- Making new investments in Syria
Syria is facing an energy crisis after Iraq suspended crude oil deliveries to Syria In December. “Iraq has decided to stop providing Syria with crude oil starting this month,”Iraqi member of Parliament Mustafa Sanad said shortly after the overthrow of Assad.
Prior to the decision by Baghdad, Syria was importing some ~120,000 barrels of Iraq crude daily. Meanwhile, supplies of crude oil from Iran have alsoended following the news of the change in power in Syria. Fuel prices in Syria have skyrocketed due to acute shortages during the transitional period.
By Charles Kennedy for Oilprice.com
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Charles Kennedy
Charles is a writer for Oilprice.com
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