Image Source: Reuters
World – The European Union recently suspended several sanctions on key economic sectors in Syria. According to the statement, this move is part of the EU’s plan to support an inclusive political transition and speed up Syria’s economic recovery, reconstruction, and stabilisation.
“The EU aims to facilitate engagement with Syria, its people, and businesses, in key areas of energy and transport as well as to facilitate financial and banking transactions associated with such sectors and those needed for humanitarian and reconstruction purposes,” the statement read.
Sanctions Suspended, But Conditions Apply
At a press briefing, EU High Representative Kaja Kallas expressed optimism about Syria’s future but stressed that the EU could reverse the suspension if the new leadership failed to meet its commitments.
“There is hope to build an inclusive country, and we are closely working together with regional actors to achieve this. This is why we also agreed to suspend energy, banking, and transport sanctions,” Kallas said.
“[It is a step-by-step approach] … Today, lifting is immediate and open-ended, but can be reversed if Syria’s new rulers backtrack on their commitments.”
She added that the 9th Brussels Syria Conference, scheduled for 17 March, would help mobilise further international support.
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Key Sectors Affected by the Suspension
The suspension targets Syria’s energy and transport sectors. Five entities, the Industrial Bank, Popular Credit Bank, Saving Bank, Agricultural Cooperative Bank, and Syrian Arab Airlines, were removed from the sanctions list, regaining access to previously frozen funds.
The Council also approved measures allowing funds and resources to be available to the Syrian Central Bank.
Banking restrictions have been eased, with the EU having “introduced certain exemptions to the prohibition of establishing banking relations between Syrian banks and financial institutions within the territories of the member states,” allowing transactions for energy, transport, humanitarian, and reconstruction purposes.
Remaining Restrictions
Moreover, The Council extended the humanitarian exemption indefinitely and introduced an exemption for exporting luxury goods for personal use. The EU said it would “pursue its work and assess whether further economic sanctions could be suspended” while closely monitoring developments.
However, some restrictions remain. Sanctions linked to the Al-Assad regime, chemical weapons, illicit drug trade, arms trade, dual-use goods, surveillance software, and Syrian cultural heritage goods will stay.
These measures, the EU said, continue to target the Al-Assad regime, which it holds responsible for “the violent repression of the Syrian civil population.”
With Al-Assad’s ousting, his subsequent flight to Russia, and the appointment of new Syrian leadership, the EU believes this marks “the beginning of a new era of hope for the Syrian people.”
As such, they believe that “All Syrians, in the country and diaspora, should have the opportunity to participate in the rebuilding of their country.”
