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WASHINGTON: US sanctions are likely to significantly tighten the financial resources of the embattled Syria regime, a US Treasury official said Monday.
“It is too early to predict the financial impact of any particular component of the new sanctions,” the official said, four days after President Barack Obama slapped a freeze on Syrian government assets and banned US investment and exports to the country.
“But we anticipate that the impact of these new measures will be felt by the regime, as these sanctions target the entire Syrian government, including its central bank, and its petroleum sector,” the official said.
“Crude oil is one of Syria's primary exports, and oil production represents a significant revenue stream for the Syrian government and a crucial source of foreign currency,” the official said.
“We expect that our actions -- especially if amplified by similar action by the EU (European Union) and other governments -- will significantly constrain the resources available to the Syrian regime.”
The sanctions were announced last Thursday as the US moved to tighten pressure on Damascus, calling for the first time for President Bashar al-Assad to step down over his military assault on rebelling Syrians opposed to his rule.
