Council Regulation (EU) No 950/2011 (repealed)Show full title

Article 1

Regulation (EU) No 442/2011 is hereby amended as follows:

(1)

In Article 1, the following point is inserted:

‘(j)

‘Syrian person, entity or body’ means:

(i)

the State of Syria or any public authority thereof;

(ii)

any natural person in, or resident in, Syria;

(iii)

any legal person, entity or body having its registered office in Syria;

(iv)

any legal person, entity or body, inside or outside Syria, owned or controlled directly or indirectly by one or more of the above mentioned persons or bodies;’;

(2)

The following Article is inserted:

‘Article 2a

It shall be prohibited to sell, supply, transfer or export, directly or indirectly, new Syrian denominated banknotes and coinage, printed or minted in the European Union, to the Central Bank of Syria.’;

(3)

The following Article is inserted:

‘Article 3c

1. The following shall be prohibited:

(a) the granting of any financial loan or credit to any Syrian person, entity or body referred to in paragraph 2;

(b) the acquisition or extension of a participation in any Syrian person, entity or body referred to in paragraph 2;

(c) the creation of any joint venture with any Syrian person, entity or body referred to in paragraph 2;

(d) the participation, knowingly and intentionally, in activities the object or effect of which is to circumvent the prohibitions referred to in points (a), (b) or (c).

2. The prohibitions in paragraph 1 shall apply to any Syrian person, entity or body engaged in the exploration, production or refining of crude oil.

3. For the purposes of paragraph 2 only, the following definitions shall apply:

(a) ‘exploration of crude oil’ includes the exploration for, prospecting for and management of crude oil reserves, as well as the provision of geological services in relation to such reserves;

(b) ‘refining of crude oil’ means the processing, conditioning or preparation of oil for the ultimately final sale of fuels.

4. The prohibitions in paragraph 1:

(a) shall be without prejudice to the execution of an obligation arising from contracts or agreements concluded before 23 September 2011;

(b) shall not prevent the extension of a participation, if such extension is an obligation under an agreement concluded before 23 September 2011.’;

(4)

Article 10a is replaced by the following:

‘Article 10a

No claims, including for compensation or indemnification or any other claim of this kind, such as a claim of set-off, fines or claims under a guarantee, claims for extension or payment of a bond, financial guarantee, including claims arising from letters of credit and similar instruments in connection with any contract or transaction the performance of which was affected, directly or indirectly, in whole or in part, by the measures imposed by this Regulation, shall be granted to the Government of Syria, its public bodies, corporations and agencies, or to any person or entity claiming through it or for its benefit.’.