The European Union is poised to slap Syria with massive sanctions targeting everything from computer software and insurance to the banking and energy sectors, while holding off on a French call for an embargo on Iranian oil, diplomats said Wednesday.
Under the plan, EU businesses would henceforth be banned from purchasing Syrian bonds or offering the country reduced interest rates; issuing any insurance – other than health insurance – to Syrians; providing Syria with internet surveillance software; and participating in oil or power-plant projects in Syria.
The banking sector would also be affected under the plan, with Syrian lenders prohibited from opening new branches in the EU and European banks banned from setting up joint ventures with their Syrian counterparts.
The EU’s foreign ministers are additionally expected to apply travel bans and asset freezes to another 12 people and a dozen entities in Syria when they meet on Thursday, in response to a continuing crackdown on Syrian regime opponents.
The proposed measures have gained widespread support, the diplomats said. The EU had previously imposed an arms embargo on Syria, banned the import of Syrian oil and blacklisted 74 people and 19 entities.
Iran is also due to be a prime focus at the ministerial meeting.
Another 37 people and 143 entities expected to be hit with travel bans and asset freezes in the wake of an International Atomic Energy Agency report that accused the country of having tested designs for a nuclear warhead.
The report has spurred some – most notably French officials – to call for a ban on the import of Iranian oil, but that proposal is proving more controversial, diplomats said.
EU firms are already prohibited from investing in the Iranian oil sector. The EU has also blacklisted 76 people and 290 entities in the Middle Eastern country.
