EU suspends key sanctions against Syria to boost economic recovery

The European Union (EU) has suspended sanctions against Syria targeting sectors such as banking, energy, and transport. The European Council announced the decisions taken on EU sanctions against Syria at a meeting of member states’ foreign ministers in Brussels. EU countries decided to “suspend” a number of restrictive measures in view of the situation in Syria, the statement said, claiming that the decision was part of the EU’s efforts to support an inclusive political transition, economic recovery, reconstruction, and stabilization in Syria. “The EU has suspended restrictive measures in key economic sectors in Syria,” the statement said.

The statement said that transactions in sectors such as energy, transport, finance, and banking will be facilitated, adding that the decision was taken to suspend measures in the energy and transport sectors, including oil, gas, and electricity. It was stated that the Syrian Industrial Bank, Popular Credit Bank, Savings Bank, Agricultural Cooperative Bank, and Syrian Arab Airlines will be removed from the sanctions list, and the Syrian Central Bank will be allowed to provide funds and economic resources.

The statement pointed out that certain exemptions will be made to the ban on establishing banking relations between EU banks and Syrian banks and financial institutions, thus allowing transactions, especially in the energy and transport sectors, and for humanitarian and reconstruction purposes. It was also reported that the application of the humanitarian exemption in the sanctions will be extended indefinitely, and the ban on the export of luxury goods for personal use to Syria will be ended.

It was stated that the EU Council will continue its work on this issue and will evaluate whether more economic sanctions can be suspended in the future, and the situation in the country will be closely monitored. In the statement, it was informed that EU sanctions in various fields such as the Bashar al-Assad administration, chemical weapons, illegal drug trade, and arms trade continue, and the legal regulations regarding the new decisions taken will be published in the EU Official Journal tomorrow and will enter into force.

EU sanctions against Syria started in May 2011. Individual restrictive measures such as travel bans and freezing of assets were taken against individuals linked to the Assad administration and held responsible for human rights violations. Critical figures in the inner circle of the regime, from Bashar al-Assad to ministers, were included in the list. In addition, the EU also imposed sectoral sanctions on Syria, targeting sectors at the heart of the regime’s financial network. In this framework, the import of crude oil and petroleum products, the export of goods that can be used for both military and civilian purposes, and some communication equipment were restricted. These sanctions also covered the financing of certain initiatives and infrastructure projects.