The noose tightens.

The EU has announced new sanctions against the Syrian Central Bank that require anyone who is a national of a member state or is present within the territory of the EU to freeze all assets of the Syrian Central Bank and several Syrian ministers, who are, at present, unnamed. They will be named tomorrow.  

It is unclear what the effect on business may actually be, although the action against the Central Bank is most likely to have its most immediate effect on financial institutions. The effect on other businesses is likely to be downstream. The effect of the action against the ministers depends on what the scope of the sanctions turns out to be.

It is clear, however, that the EU is rapidly moving toward a complete shutdown of business with Syria.