09 Nov 2020 | 21:01 UTC — Washington

US Treasury sanctions Syrian officials attempting to revive country's oil sector

Highlights

Targets Syrian, Lebanese firms with stakes in two refineries

Treasury aims to cut off future oil revenue to Assad regime

Washington — The US Treasury Department on Nov. 9 sanctioned Syrian military officials and lawmakers for attempting to revive the country's deteriorating petroleum industry.

The action added seven individuals and 10 entities to the Office of Foreign Assets Control's blocked persons list.

"The Treasury Department is determined to continue to apply economic pressure on the Assad regime and its supporters for the repression conducted by the regime," US Treasury Secretary Steven Mnuchin said in a statement.

The sanctions target Syria-based Arfada Petroleum Private Joint Stock Co. and Lebanon-based Sallizar Shipping SAL, which Treasury said have "entered into substantial contracts" with the Syrian government to develop the country's oil sector.

Arfada and Sallizar together hold an 85% stake in two joint ventures with the Syrian oil and refining ministries to establish the Al-Resafa heavy crude refinery in Raqqa and the Coastal condensate refinery in Tartus, Treasury said.

The two companies have also reached an agreement with the oil and refining ministries to develop and expand the Tartus oil terminal.