The British government has prepared a guidance note to provide companies, banks, and the aid sector in the United Kingdom with a clear understanding of the regulations and guidance related to investing in Syria.
The UK Treasury said on Tuesday, 2 December, that British companies have expressed interest in exploring business opportunities in Syria.
This interest, according to the Treasury, has been accompanied by calls for greater clarity from the British government regarding the legal and political frameworks governing such investments.
The ministry stressed that there is no “one size fits all” approach, noting that it seeks to support risk based decision making, while strengthening compliance with the United Kingdom’s international obligations, government policy, and sanctions regulations.
It pointed out that the UK government supports British companies that invest, trade, and operate in Syria, wherever this activity is in line with UK legislation and when the ultimate destination of the activity is Syria.
The Treasury explained that British companies are responsible for fully determining the extent of their exposure to risks and for putting in place an appropriate set of safeguards and controls tailored to their own circumstances.
Potential risks, according to the UK Treasury, include malicious actors, including government entities, that exploit Syrian jurisdiction for their own gain.
The ministry added that many states and entities subject to British sanctions, export controls, and other restrictions rely on deceptive methods, such as indirect shipping routes, deliberate falsification of the end use of traded goods, and professional networks, to evade the export controls in force.
Syrian British talks
A delegation from GULFSANDS, headed by its Chief Executive Officer John Bell and the company’s Senior Adviser Alan Duncan, discussed with Syrian Energy Minister Mohammed al-Bashir and his deputy Ghiath Diab on 27 August ways for the company to return as a trusted partner to redevelop Syria’s energy sector, and confirmed its readiness to resume operations once conditions allow, according to what Bell published on LinkedIn.
The delegation presented a comprehensive update on the company’s plans to re enter the “Block 26” fields, including exploring and developing new wells, stressing that contact has been re established with partners in the international supply chain who are prepared to support the company’s return plan with the necessary services, technology, and equipment.
The two sides also discussed strategic opportunities beyond Block 26, including proposals to help restart and rehabilitate other oil and gas fields.
Regarding the same meeting, the Syrian Arab News Agency (SANA) reported in August that the Syrian Energy Minister had discussed with the GULFSANDS director ways of cooperation in the oil sector and the possibility of the company’s return to work on oil field rehabilitation and development projects in Syria.
Britain lifts sanctions
The British government lifted sanctions imposed on Syria’s energy, transport, and finance sectors last April.
It removed the asset freeze imposed on 12 Syrian entities, including the Syrian Ministries of Defence and Interior and several intelligence agencies.
According to a notice published by the UK Treasury on 24 April, the following Syrian entities were deleted from the consolidated sanctions list and are no longer subject to an asset freeze:
- Ministry of Interior
- Ministry of Defence
- General Intelligence Directorate
- Air Force Intelligence Directorate
- Political Security Directorate
- Syrian National Security Bureau
- Military Intelligence Directorate
- Army Supply Office
- General Organization of Radio and Television
- Al Watan newspaper
- “Sham Press” channel
- “Sama” channel
On 6 March, Britain also removed 24 Syrian entities from its sanctions list and lifted the asset freeze on them. These included the Central Bank of Syria, the Agricultural Cooperative Bank, al Furat Petroleum Company, the Commercial Bank of Syria, Deir Ezzor Petroleum Company, Dijla Company, and Ebla Company, both of which are oil firms.
Britain also lifted sanctions on the General Organization of Tobacco, the Syrian Petroleum Company, Mahrukat (the state fuel company), the Foreign Petroleum Trading Company, the Commercial Bank of Syria, and the General Organization for the Postal Savings Fund.
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