EU suspends transportation and energy sanctions against Syria

Foreign ministers of 27 countries who met in Brussels officially decided to suspend sanctions against Syria, which affect the banking, energy and transportation sectors.

Transmits to UNN with reference to to AFP.

Details

The EU has decided to suspend a number of restrictive measures applied to Syria as part of the EU's efforts “to support an inclusive political transition in the country.” 

The foreign ministers of 27 countries who met in Brussels have officially decided to suspend sanctions against Syria, which were imposed on the government of Bashar al-Assad and entire sectors of the Syrian economy during the civil war that broke out in 2011.

The EU wants to facilitate its engagement with Syria, its people and businesses in the key areas of energy and transport, and to facilitate financial and banking transactions related to these sectors, as well as those necessary for humanitarian and reconstruction purposes

The Council of Ministers today suspended sectoral measures in the energy sector (including oil, gas and electricity).

The EU has removed five organizations (Industrial Bank, Popular Credit Bank, Savings Bank, Agricultural Cooperative Bank and Syrian Arab Airlines) from the list of those subject to the freeze on funds and economic resources - . Also excluded are those organizations that had previously been denied access to funds and economic resources available to the Syrian Central Bank.

The EU has also introduced exceptions to the ban on establishing banking relations between Syrian banks and financial institutions in the territory of member states to allow transactions related to the energy and transportation sectors, as well as those necessary for humanitarian and reconstruction purposes.

Important: Sanctions could be re-imposed if new Syrian leaders, who come from Islamist movements, do not respect human rights or democratic values, European diplomat Kaja Kallas said last month.

Recall

After the overthrow of the Assad regime, Syria's new leadership began a radical restructuring of the economy. It is planned to cut one third of civil servants and privatize most state-owned companies.

The Syrian government has asked Russia to extradite Bashar al-Assad, who fled to Moscow in December. Damascus is also demanding compensation for supporting the Assad regime and participating in the reconstruction of the country.