(Image Source: Sky News)

BY SHELLY YANG

ANCHOR ANA COMPAIN-ROMERO

You're watching multisource world video news analysis from Newsy. 

In response to Bashar al-Assad’s continuous military crackdown on peaceful protesters, the European Union members on Friday agreed to ban all oil imports from Syria. The New York Times explains the weight of this decision.

“It was the most punitive action by the European Union to date over the crackdown in Syria, which sells nearly all of its oil to the European market.”

CNN details how the embargo will affect not only Syria’s economy, but also some European companies.

“It earns them 14 billion dollars a year now, say it’s $100 per barrel, and that makes up about a quarter of their economy. And very importantly, their foreign exchange earning. So this is something that Syrians will feel. 95% of their exports go to Europe, mainly into France and Italy. And there are some major European companies in place right now. They will feel the pinch as well.”

Meanwhile, the Associated Press reports Syria could find new markets in Asia, especially because of China’s close relationship with Damascus. But Al Arabiya suggests it might not be that easy.

“It may be able to find new markets in Asia for its crude, but would have to offer discounts and it would take time to agree contracts.”

But the Washington Post thinks even that might not be enough. Finding new buyers for Syria’s oil will just be difficult--period.

“Analysts estimate that Syria exports just over a quarter of the roughly 400,000 barrels of oil it produces every day. Because of its oil’s consistency — heavy and difficult to refine — finding other purchasers will be challenging, if not impossible, they said.”

The Associated Press also says Syria might be receiving financial assistance from Iran, which could lessen the impact of the embargo. Meanwhile, some EU nations are lobbying for other sectors, such as telecommunications and banking, to be added to the sanctions.

Transcript by Newsy.