The EU has banned European companies from making fresh investments in Syria’s oil industry as part of new sanctions announced on 21 September.

The new sanctions, which are expected to take effect from 24 September if formally approved by the 27 EU states will prevent European companies from making new investments in Syrian oil exploration, production and refining, Reuters news agency reports.

They also ban the creation of joint ventures with enterprises in Syria’s energy sector, the provision of loans and the purchase or extension of stakes in Syrian companies.

Existing investments are not affected however.

Several new entities and two individuals have also been added to sanctions blacklist, although they have not yet been named.

The new sanctions add to the recent ban on importing Syrian crude oil, travel bans and asset freezes (MEED 4:9:11).