Financial measures, Investments

There are specific prohibitions under the Regulations that apply to investments, financial services and markets. • A UK credit or financial institution must not open a bank account, establish a correspondent banking relationship or a joint venture with specific institutions, namely a credit or financial institution domiciled in Syria; any branches or subsidiaries, no matter where they are in the world, of credit or financial institutions domiciled in Syria; or credit or financial institutions not domiciled in Syria but owned or controlled by a person domiciled in Syria. UK credit or financial institutions must not open a representative office or establish a branch or subsidiary in Syria. • There are also restrictions relating to branches, subsidiaries and representative offices of those institutions mentioned above for example, in relation to them opening of representative offices or branches in the UK. It is also prohibited for these institutions to acquire or extend a participation in, or acquire any ownership interest in UK credit or financial institutions. • Any sale or purchase of public bonds or public-guaranteed bonds issued after 19 January 2012 must not be made to or from the Syrian regime or any of the institutions mentioned above, or to or from any person acting on behalf of those mentioned above or at their direction, or to or from an entity owned or controlled by them. Nor must any person provide brokering, advertising or other services which assist the issue of public or public-guaranteed bonds. • A person must not provide insurance or reinsurance services to the Syrian regime. • The Regulations impose prohibitions on investments in relation to crude oil and electricity production. These include granting a loan or credit, acquiring any ownership interest in or creating a joint venture with a person connected with Syria who is engaged in the exploration, production or refining of crude oil or the construction or installation of a new power plant for electricity production. • Syrian denominated bank notes or coinage

UK

The Syria (Sanctions) (EU Exit) Regulations 2019

UK country specific

Syria

The Syria (Sanctions) (EU Exit) Regulations 2019 came fully into force on 31 December 2020. They are intended to ensure that certain sanctions measures relating to Syria continue to operate effectively. You should also review the Sanctions (EU Exit) (Miscellaneous Amendments) (No. 2) Regulations 2020 and the Sanctions (EU Exit) (Miscellaneous Amendments) (No. 4) Regulations 2020 to find out any amendments made to the Regulations. This sanctions regime is aimed at encouraging the government of Syria to: • refrain from actions, policies or activities which repress the civilian population in Syria • participate in negotiations in good faith to reach a negotiated political settlement to bring about a peaceful solution to the conflict in Syria These regulations have replaced, with substantially the same effect, relevant existing EU legislation and related UK regulations.

Licensing and exception provisions are contained in Part 7 of the Regulations.