Syria of Events

The violent response of Syrian leader Bashar al Assad to the ongoing pro-democracy protests since March of this year has been met with horror and condemnation from the international community. In an unprecedented move, the nations of the Gulf Cooperation Council (GCC) recalled their ambassadors from Syria, showing clearly the regional lack of support for the Assad regime. The United States has prohibited import of any Syrian petroleum and has forbidden US citizens and businesses from involvement in Syria’s energy sector. The European Union followed suit, and has now also banned imports of Syrian crude oil in attempt to up the pressure on the Assad government. In the short term, or at least until Syria finds alternate markets for their exports, the sanctions are likely to hit Syria right in the purse, as its economy derives about a quarter of revenues from oil. In the longer term, the combination of political upheaval and economic isolation are likely to prolong the timeline of existing and proposed regional infrastructure projects, including those aimed at increasing export volumes from neighboring Iraq. Download here