Syria – New EU Sanctions Legislation
On Friday 2nd September 2011 EU enacted new Sanctions legislation against Syria by way of Council Regulation 878/2011 amending Regulation (EU) 442/2011.
In essence, Regulation 442/2011 now prohibits EU entities:
(a) to import crude oil or petroleum products into the Union if they
(i) originate in Syria; or
(ii) have been exported from Syria;
(b) to purchase crude oil or petroleum products which are located in or which originated in Syria;
(c) to transport crude oil or petroleum products if they originate in Syria, or are being exported from Syria to any other country;
(d) to provide, directly or indirectly, financing or financial assistance, including financial derivatives and future products, as well as insurance and re-insurance, related to the provisions in paragraphs (a), (b) and (c); and
(e) to participate, knowingly and intentionally, in activities whose object or effect is, directly or indirectly, to circumvent the prohibitions in points (a), (b), (c) or (d).
Of particular importance in this context is the insurance prohibition which entails that the Club is unable to provide insurance in relation to any prohibited activity.
Members are requested to take due notice of the above.
Member Alert is published by The Swedish Club as a service to members. While the information is believed correct, the Club cannot assume responsibility for completeness or accuracy.