EU Sanctions against Syria
Tagged: insurance, reinsurance, sanctions, Syria
On 2 September 2011, the EU stepped up its sanctions on Syria in response to the continued civil unrest.
The Council of Europe has adopted Council Regulation (EU) No 878/2011 which amends Regulation 442/2011. The new sanctions prohibit the purchase, import or transportation from Syria of crude oil and petroleum products.
The EU has also added four more Syrian officials and three Syrian groups to its list of those affected by an EU travel ban and asset freeze.
The new sanctions include the insurance and reinsurance of crude oil or petroleum products originating from Syria. FP Marine Risks may therefore be prohibited from providing insurance and reinsurance broking services to you in any instances where these sanctions might come into force. We may in some instances be required by the sanctions to block or freeze funds within our possession or control.
We may also require additional information in order to ensure that we or our insurance and reinsurance markets are not in breach of the sanctions.
We therefore recommend that Assureds consider seeking legal advice for any shipments or reinsurance that may be affected by these sanctions.
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