Introduction

On 13 October 2011, the Council of the European Union (EU) adopted further amendments to the EU sanctions measures against Syria – this time imposing an asset freeze on the Commercial Bank of Syria – in Council Decision 2011/684/CFSP. This Decision was published in the EU’s Official Journal of today, 14 October 2011, along with accompanying Council Regulation 1011/2011 (which amends the EU’s original Syria Sanctions Regulation, Regulation 442/2011, and has entered into force as of today).

New restrictions introduced by Regulation 1011/2011

For a description of the EU’s original Syria Sanctions Regulation (i.e. Regulation 442/2011) as well as prior amendments to this Regulation, see our previous alerts from 5 September 2011 and 27 September 2011.

Regulation 1011/2011 further expands the EU’s Syria sanctions framework by making the Commercial Bank of Syria (incuding all its offices worldwide) an entity subject to the EU’s asset freeze – with the result that parties subject to EU jurisdiction must not make funds or economic resources directly or indirectly available to it or for its benefit.

Please see full alert below for more information.