Backed by the US, the resolution drawn up by Britain, France, Germany and Portugal has scaled down demands for immediate sanctions as they seek to gain the support of Russia and China, who have threatened to veto the resolution. Opposition has also come from India, South Africa and Brazil.
The proposal still condemned "the continued grave and systematic human rights violations by the Syrian authorities" and the threat of future sanctions remains.
French Ambassador to the UN, Gerard Araud, commented the resolution should not be dismissed as “weak” stating,
"But in our world it will be a significant first step. It will be the first time there has been a resolution against Syria and it will be talking about sanctions."
The move comes as the existing European oil embargo leaves Syria desperately seeking new customers, causing them to shift their gaze to the East, just as Iran did with China when they too faced sanctions.
While acknowledging the current situation was having a “negative effect”, Imad Moustapha, Damascus’s envoy in Washington, said,
Calling the current situation a "challenge" he said that “no contracts had been signed yet”.“We will re-orient our economy towards Asia, Africa and South America. We have a whole spectrum of options open to us.”
“It’s not that we are approaching people, it’s the other way around. We are being approached.”
As Libya is poised to commence exporting oil once again, experts have commented that there is no real urgency for other states to start purchasing Syrain oil, but noted that a buyer may come eventually. Reports have already emerged of Syria contacting an Indian oil company, who were interested in making purchases.
However, after the Libyan rebels stated they would favour countries who supported their victorious rebellion, it has also been noted that other states may wait a little longer before they begin transactions with President Assad's regime.
The future continues to look bleak for President Assad as long time ally and key regional trading partner Turkey also prepares to impose harsh sanctions on Syria.
Bilateral trade between the two nations was worth $2.5 billion in 2010, and investments by Turkish firms in Syria reached $260 million, according to Turkish data.
See our earlier post: 'Turkey seizes Syrian arms as EU sanctions tighten' (Sep 2011)
Stringent US and European sanctions have brought the economy to a virtual standstill with the Central Bank having spent £1.3bn defending it’s currency and an IMF forecast of a 2% contraction of the economy this year.
The European oil embargo has hit Syria particularly hard, with not a single cargo of crude oil having left the country in September. Syria in August was producing around 370,000 barrels of oil per day.
