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Posts Tagged ‘export’

Watching the chaos in Syria, it is only natural that the international community might be feeling somewhat impotent right now. Despite growing international condemnation and ever more aggressive rhetoric, including from once strong ally Turkey, the killing in Syria continues as it has done for the past half year.

Even sanctions, one of the few weapons in the arsenal of diplomacy, may not prove as effective, or straightforward, as hoped. More specifically, the West will have to decide how far to take the sanctions and at what price to the population and to themselves.

As it stands, the most significant sanction has come at the hand of the European Union, which has banned the import of all Syrian crude oil, a policy that the EU wonks predict will hit the regime hard. Since 95 percent of oil exports head to Europe, this new sanction should deny the Syrian government a vital source of income.

But we shouldn’t get ahead of ourselves. The oil export industry is relatively small in Syria and accounts for only 25 percent of the regime’s hard currency earnings. This is not Libya, where switching off the oil taps effectively brought the income to a halt.

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