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US Imposes Sanctions on Syrian Oil and Lebanese Shipping Company!

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on the efforts to restore Syria’s oil production network, with the support of the regime of President Bashar al-Assad.

US Imposes Sanctions on Syrian Oil and Lebanese Shipping Company!
11 November 2020 - 10:58 - Update: 11 November 2020 - 11:02

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on the efforts to restore Syria’s oil production network, with the support of the regime of President Bashar al-Assad. The sanctions were announced against seven individuals and 10 entities, including companies tied to Syria’s oil refineries, oil terminal, and a Lebanese shipping company.

Treasury department spokespeople said today’s actions complement the international effort to compel the Assad regime to cease the war it is waging against its people and in line with the UN Security Council’s resolutions to achieve a peaceful, political resolution of the Syrian conflict.

With these actions, the U.S. government is endeavoring to disrupt and dissuade regime loyalists from continuing to support Assad and to hamper the flow of future oil-derived revenue to Assad’s war chest.

Among the targets of the sanctions is the Arfada Petroleum Private Joint Stock Company of Syria and Sallizar Shipping based in Lebanon. The two companies are reported to have substantial contracts with the Government of Syria to develop the Syrian oil sector. Among the efforts that they are believed to be pursuing is the establishment of two new oil refineries in Syria. Arfada and Sallizar have further reached an agreement with the Syrian Ministry of Petroleum and PERD to develop and expand the Tartus oil terminal.

OFAC also sanctioned individuals including a Syrian businessman Hussam al-Qaterji who is a 33 percent shareholder of Arfada, as well as Kamal Imad al-Din al-Madani and Tariq Imad al-Din al-Madani, two of the four founders of Sallizar. Other government individuals included in the sanctions were the heads of the Syrian Air Force Intelligence and Political Security Directorate and members of parliament 

Source: Maritime-Executive (Click for further of the article)


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