Sanctions: EU / USA impose sanctions on Syrian oil trading

on 18 October, US President Obama signed an Executive Order imposing additional sanctions against the Government of Syria today, freezing any assets of the Government of Syria in the United States and banning the importation into the United States of petroleum or petroleum products of Syrian origin.

A US Treasury statement says "

"The Order also authorises the Secretary of the Treasury, in consultation with the Secretary of State, to apply sanctions against persons determined to be owned or controlled by, or acting for or on behalf of, or to have provided support for the Government of Syria or any other person whose property and interests in property are blocked pursuant to the Order. "The EU sanctions, issued on Saturday, were in direct response to serious violence in which government forces opened fire with live ammunition, injuring several protesters.

The ban prevents EU companies trading in Syrian oil but does not require EU headquartered companies to cease operations in the country. It is argued that, to do so, would impose undue hardship on the wider community.

But the ban also includes the use of EU ships to convey Libyan oil.

Several countries in the Arab world have indicated that they will increase production to make up any shortfall that may afflict world markets as a result of the reduction of supply of Syrian crude, a measure that stabilised oil prices which fell slightly in early trading in Far East markets this morning.