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(Reuters) Dmitry Zhdannikov and Jessica Donati - Syria's oil exports have come to a standstill due to sanctions, and this may force a cut in production, weakening President Assad's ability to generate cash. After a series of piecemeal measures, European governments have acted vigorously in recent weeks to tighten the screws on Assad in hopes of reining in his bloody crackdown on protesters. From Saturday, the EU will ban European firms from making new investments in Syria's oil industry following an earlier ban on imports of Syrian oil. "Exports are fully paralyzed. No one wants to touch it. Banks are not financing the operations. Russian companies listed in New York won't take the risks," said a trader who used to regularly deal with Syrian oil.2011-09-23 00:00:00Full Article
Syrian Oil Exports Paralyzed as Sanctions Bite
(Reuters) Dmitry Zhdannikov and Jessica Donati - Syria's oil exports have come to a standstill due to sanctions, and this may force a cut in production, weakening President Assad's ability to generate cash. After a series of piecemeal measures, European governments have acted vigorously in recent weeks to tighten the screws on Assad in hopes of reining in his bloody crackdown on protesters. From Saturday, the EU will ban European firms from making new investments in Syria's oil industry following an earlier ban on imports of Syrian oil. "Exports are fully paralyzed. No one wants to touch it. Banks are not financing the operations. Russian companies listed in New York won't take the risks," said a trader who used to regularly deal with Syrian oil.2011-09-23 00:00:00Full Article
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