Press Release: September 10, 2001
Contact: Teresa Taylor (410) 507-5007

Capital Markets Sanctions Hold Key to Cessation of Atrocities and Peace in Good Faith by Khartoum

The Government of Sudan's policy of religious persecution and genocide targeting innocent civilians is of gravest concern. Capital markets sanctions are absolutely vital if the U.S. earnestly hopes to pressure the Khartoum regime to halt atrocities and negotiate a just peace in good faith. Now that the Government of Sudan has proposed the implementation of a visa regime for humanitarian aid workers in opposition controlled areas, is expanding its oil operations and will be doubling its profits again, has purchased heavier weaponry with oil revenue and recently begun to use missiles, has stated that any peace process will not include the separation of religion and state, combined with the possibility that Kenya (IGAD member) may begin importing oil from Sudan, leaves no prospect that the Government of Sudan will seriously talk peace without real "sticks" such as capital markets sanctions. Therefore, capital markets sanctions will provide the necessary means to force Sudan to seek an end to the war by seriously impeding their ability to continue to fund the war.

Those opposed to the House-approved version of the Sudan Peace Act are requiring that current profits for a few investment firms on Wall Street trump U.S. security and moral interests in working to pressure the extremist Government of Sudan to seek peace and to halt genocidal atrocities and religious persecution.

Capital markets sanctions in reaction to the level of genocidal atrocities in Sudan does not contradict the principles of capital markets fairness. The dire situation in Sudan, the complication of oil to the conflict, the number of deaths and the length of the conflict make Sudan a unique exception for the imposition of capital markets sanctions.

Nor would capital markets sanctions make our markets less attractive. The mere threat of the possibility of not having access to the N.Y.S.E. was enough to make Talisman sell its operations in Sudan after the House approved its version of the Sudan Peace Act that includes capital markets sanctions language. Talisman's CEO, James Buckee, stated to the Toronto Globe and Mail, dated June 18, 2001, "I don't think anybody could afford not to have access to the U.S. capital markets. No asset is worth that." U.S. capital markets sanctions would likely force other foreign oil companies doing business in Sudan to do the same as Talisman, or to pressure the Sudanese government to accelerate the peace process.

The U.S. House of Representatives, the U.S. Commission on International Religious Freedom and numerous human rights organizations have recognized the genocide in Sudan. With 2 million dead and 4 million internally displaced, the U.S. should therefore take the lead in addressing the need to halt genocidal atrocities in Sudan through a much needed, overdue and powerful response as laid out in the House-approved Sudan Peace Act.

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