The European Union (EU) has adopted a ban on crude oil imports from Syria taking effect from 3 September.

EU member states will be able to fulfil existing supply contracts until 15 November, AFP news agency reports.

Damascus is already seeking alternative crude buyers.

“We can resolve our problems with the help of China. If the Europeans withdraw the Chinese can easily take their place and fill the vacuum. Russia too can help us,” says, Adib Mayaleh, chairman of the Central Bank.

The EU has also expanded a list of 50 high-ranking Syrian officials and businessmen, including president Bashar al-Assad, targeted by an assets freeze and travel ban. Three companies, including a bank, were added to the blacklist, although details have not yet been released.

“The prohibition concerns purchase, import and transport of oil and other petroleum products from Syria. No financial or insurance services may be provided for such transactions,” the EU said in a 1 September statement.

No decision has been made on whether to ban investments in the country’s oil sector. Syria has invited international contractors to bid for 14 oil shaleblocks by 30 November (MEED 15:7:11).

Syria exports 95 per cent of its crude oil to the EU, with sales providing almost a third of the government’s revenue. However, Syrian crude accounts for only 1.5 per cent of the EU’s imports. According to UK oil major, BP, Syria produced about 385,000 barrels a day (b/d) of crude oil in 2010. Net exports were estimated at 109,000 b/d in 2010.