The European Investment Bank (EIB) shall:
(a)
be prohibited from making any disbursement or payment under or in connection with any existing loan agreements entered into between the State of Syria or any public authority thereof and the EIB; and
(b)
suspend all existing Technical Assistance Service Contracts relating to projects financed under the loan agreements referred to in point (a), and which are intended for the direct or indirect benefit of the State of Syria or any public authority thereof to be performed in Syria.
It shall be prohibited:
(a)
to sell or purchase Syrian public or public-guaranteed bonds issued after 19 January 2012, directly or indirectly, to or from any of the following:
(i)
the State of Syria or its Government, and its public bodies, corporations and agencies;
(ii)
any Syrian credit or financial institution;
(iii)
a natural person or a legal person, entity or body acting on behalf or at the direction of a legal person, entity or body referred to in (i) or (ii);
(iv)
a legal person, entity or body owned or controlled by a person, entity or body referred to in (i), (ii) or (iii);
(b)
to provide brokering services with regard to Syrian public or public-guaranteed bonds issued after 19 January 2012, to a person, entity or body referred to in point (a);
(c)
to assist a person, entity or body referred to in point (a) in order to issue Syrian public or public-guaranteed bonds, by providing brokering services, advertising or any other service with regard to such bonds.
1. It shall be prohibited for credit and financial institutions falling within the scope of Article 35 to:
(a)
open a new bank account with any Syrian credit or financial institution;
(b)
to establish a new correspondent banking relationship with any Syrian credit or financial institution;
(c)
to open a new representative office in Syria or to establish a new branch or subsidiary in Syria;
(d)
to establish a new joint venture with any Syrian credit or financial institution.
2. It shall be prohibited:
(a)
to authorise the opening of a representative office or the establishment of a branch or subsidiary in the Union of any Syrian credit or financial institution;
(b)
to conclude agreements for, or on behalf of, any Syrian credit or financial institution, pertaining to the opening of a representative office or the establishment of a branch or subsidiary in the Union;
(c)
to grant an authorisation for taking up and pursuing the business of a credit or financial institution or for any other business requiring prior authorisation, by a representative office, branch or subsidiary of any Syrian credit or financial institution, if the representative office, branch or subsidiary was not operational before 19 January 2012;
(d)
to acquire or to extend a participation, or to acquire any other ownership interest in a credit or financial institution falling within the scope of Article 35 by any Syrian credit or financial institution.
1. It shall be prohibited:
(a)
to provide insurance or re-insurance to:
(i)
the State of Syria, its Government, its public bodies, corporations or agencies; or
(ii)
any natural or legal person, entity or body when acting on behalf or at the direction of a legal person, entity or body referred to in (i);
(b)
to participate, knowingly and intentionally, in activities, the object or effect of which is to circumvent the prohibitions in point (a).
2. Paragraph 1(a) shall not apply to the provision of compulsory or third party insurance to Syrian persons, entities or bodies based in the Union or to the provision of insurance for Syrian diplomatic or consular missions in the Union.
3. Point (ii) of paragraph 1(a) shall not apply to the provision of insurance, including health and travel insurance, to individuals acting in their private capacity, and re-insurance relating thereto.
Point (ii) of paragraph 1(a) shall not prevent the provision of insurance or re-insurance to the owner of a vessel, aircraft or vehicle chartered by a person, entity or body referred to in point (i) of paragraph 1(a) and which is not listed in Annex II or IIa.
For the purpose of point (ii) of paragraph 1(a), a person, entity or body shall not be considered to act at the direction of a person, entity or body referred to in point (i) of paragraph 1(a) where that direction is for the purposes of docking, loading, unloading or safe transit of a vessel or aircraft temporarily in Syrian waters or airspace.
4. This Article prohibits the extension or renewal of insurance and re-insurance agreements concluded before 19 January 2012 (save where there is a prior contractual obligation on the part of the insurer or re-insurer to accept an extension or renewal of a policy), but, without prejudice to Article 14(2), it does not prohibit compliance with agreements concluded before that date.
Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.
