5ASanctioned commercial activity—Syria

#### 5A Sanctioned commercial activity—Syria (1) For these Regulations, sanctioned commercial activity means: (a) the acquisition by a person of an interest in an entity or a person mentioned in an item of the table; and (b) the extension by a person of an interest in an entity or a person mentioned in an item of the table; and (c) the establishment by a person of a joint venture with an entity or a person mentioned in an item of the table; and (d) participation by a person in a joint venture with an entity or a person mentioned in an item of the table (including a subsidiary of that entity or person); and (e) the granting by a person of a financial loan or credit to an entity or a person mentioned in an item of the table. | Item | Entity or person | | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | | 4 | An entity in Syria that is engaged in:(a) the Syrian petrochemical industry; or(b) any of the following sectors of the Syrian oil and gas industry:(i) refining of fuels;(ii) exploration of crude oil or natural gas;(iii) production crude oil or natural gas;(iv) liquefaction of natural gas | | 5 | A Syrian entity engaged in a sector mentioned in item 4 outside Syria | | 6 | A Syrian‑owned entity engaged in a sector mentioned in item 4 outside Syria | | 7 | An entity in Syria engaged in the construction or installation of new power plants for electricity production | (2) For these Regulations, sanctioned commercial activity also means: (a) the sale by a person, to an entity or a person mentioned in an item of the table, of an interest in a commercial activity in Australia in any of the following sectors of the oil and gas industry: (i) refining of fuels; (ii) exploration of crude oil and natural gas; (iii) production of crude oil and natural gas; (iv) liquefaction of natural gas; and (b) the making available by a person (otherwise than by sale), to an entity or a person mentioned in an item of the table, of an interest in a commercial activity in Australia in any of the following sectors of the oil and gas industry: (i) refining of fuels; (ii) exploration of crude oil and natural gas; (iii) production of crude oil and natural gas; (iv) liquefaction of natural gas. | Item | Entity or person | | ---- | ---------------------------------------------------------------------------------------------- | | 4 | The government of Syria | | 5 | Any natural person in, or resident in, Syria | | 6 | An entity formed or incorporated in Syria | | 7 | An entity or person acting on behalf of an entity or a person mentioned in items 4 to 6 | | 8 | An entity or person acting at the direction of an entity or a person mentioned in items 4 to 6 | | 9 | An entity owned or controlled by a person or entity mentioned in items 4 to 6 | (3) For these Regulations, sanctioned commercial activity also means: (a) the opening in Australia of a representative office of an entity or person mentioned in an item of the table; and (b) the establishment in Australia of a branch or subsidiary of an entity or person mentioned in an item of the table; and (c) the conclusion by a person of an agreement, for or on behalf of an entity or person mentioned in an item of the table, related to: (i) the opening in Australia of a representative office of that entity or person; or (ii) the establishment in Australia of a branch or subsidiary of that entity or person; and (d) the acquisition or extension of an interest in an Australian financial institution by an entity or person mentioned in an item of the table; and (e) the sale by a person of an interest in an Australian financial institution to an entity or person mentioned in an item of the table; and (f) the making available by a person (other than by sale) of an interest in an Australian financial institution to an entity or person mentioned in an item of the table. | Item | Entity or person | | ---- | ----------------------------------------------------------------------------------------------------------- | | 4 | A financial institution domiciled in Syria | | 5 | A branch or a subsidiary, wherever located, of a financial institution domiciled in Syria | | 6 | A financial institution, wherever domiciled, that is controlled by an entity or a person domiciled in Syria | (4) For these Regulations, sanctioned commercial activity also means: (a) the establishment by a financial institution of a joint venture with an entity or person mentioned in an item of the table; and (b) the establishment by a financial institution of a correspondent banking relationship with an entity or person mentioned in an item of the table; and (c) the opening by a financial institution of a representative office in Syria; and (d) the establishment by a financial institution of a branch or subsidiary in Syria; and (e) the opening by a financial institution of a bank account with an entity or person mentioned in an item of the table. | Item | Entity or person | | ---- | -------------------------------------------------------------------------------------------------------- | | 4 | A financial institution domiciled in Syria | | 5 | A branch or a subsidiary, wherever located, of a financial institution domiciled in Syria | | 6 | A financial institution, wherever domiciled, that is controlled by a person or entity domiciled in Syria |