EU imposes new sanctions against Syria - clarifies the ban on insuring embargoed items and adds more parties to the asset freeze list

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In response to the escalating violence in Syria, the Council of the European Union (EU) agreed on 25 June 2012 to reinforce its sanctions against Syria. The Council decided to further develop the applicable restrictions related to the provision of financial assistance in the context of the arms embargo1 and to subject additional parties to an asset freeze.

Regulation 545/2012 (which amends Regulation 36/2012) and Implementing Regulation 2012/544/CFSP both entered into force on 26 June 2012.

As before, these new restrictions apply to the EU territory (including its airspace), to nationals of EU Member States (including those located outside the EU), and on board any vessel or aircraft under Member State jurisdiction. The Regulation also applies to companies incorporated or doing business in whole or in part in a Member State. This means that non-EU companies could be covered, depending on the particular circumstances under which they perform business activities in the EU and how they are connected (e.g. through their insurance providers) to any activities restricted by the Regulation.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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