Sanctions update on Syria, Libya, Tunisia and Egypt
Source: Clyde & Co , Author: Posted by BI-ME staff
Posted: Thu May 12, 2011 3:41 pm

UAE. Throughout the Middle East and North Africa there has been continuing unrest. This bulletin follows in a series on sanctions in the MENA region.

Continuing unrest in Syria

According to Syrian human rights group Sawasiah over 800 people have been killed by government forces since pro-democracy protests began in earnest in mid-March. In
response the EU adopted Council Regulation (EU) No 442/2011 on 9 May 2011. 

The Regulation includes asset freezing measures on certain persons identified as being responsible for the violent repression of the civilian population in Syria and an arms embargo.

UK Foreign Secretary William Hague has welcomed the move by the EU and said the EU-wide move to freeze the assets of up to 14 government officials sent a "clear message" to the leadership in Damascus. The officials will also face a travel ban. The sanctions do not include any move against Syria's oil industry or its exports.

The UK's Treasury have issued a guidance note on the new measures.

On 29 April the United States added three senior Syrian officials and Syria’s intelligence agency to its list of designated persons and it is considering additional
measures.

The United Nations issued a statement saying it would be sending a team to Daraa after receiving approval from the Syrian government. Syria consented to the visit on condition that a Syrian representative would oversee the team.

Asset freeze – Libya, Tunisia and Egypt
The Swiss government announced last week that it had identified US$957 million worth of assets of Libya's Muammar Gaddafi, Egypt's Hosni Murbarak and Tunisia's Zine El
Abidine Ben Ali.

Banks and other financial institutions had already been ordered to freeze possible assets belonging to the three men and their key supporters in January and February of this year in order to prevent the funds from being secretly withdrawn.

The measures against Gaddafi were the first of this kind that Switzerland had taken against a ruler still in power. The Swiss government has said Tunisia and Egypt have already started legal proceedings to claim the assets.

You can access recent Clyde & Co articles and events as well as related articles at www.clydeco.com.

© 2011 Clyde & Co LLP. All rights reserved.

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