EU suspends sweeping energy, banking sanctions on Syria to support economic recovery
European Union countries on Monday suspended a range of sanctions against Syria with immediate effect, including restrictions related to energy, banking, transport and reconstruction.
The EU has a range of sanctions in place targeting both individuals and economic sectors in Syria.
In a statement, the EU said the move 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.”
Key provisions include the suspension of sectoral measures affecting the energy and transport sectors, which encompass oil, gas, electricity, and transport infrastructure.
Additionally, five Syrian entities, including the Industrial Bank, Popular Credit Bank, Saving Bank, Agricultural Cooperative Bank, and Syrian Arab Airlines, have been removed from the EU’s list of sanctioned organisations. The move would facilitate financial transactions with the Syrian Central Bank for humanitarian and reconstruction purposes. Additionally, the EU decided to extend the humanitarian exemption indefinitely, ensuring ongoing support for aid efforts.
The EU said it will continue to assess the situation and consider further suspensions of economic sanctions if appropriate, all while monitoring the evolving situation in Syria closely.
Last week, Human Rights Watch (HRW) warned that sweeping EU, US, and UK sanctions on Syria are hampering the country’s economic recovery and preventing millions of Syrians from accessing essential services such as electricity, health care, water, and education.
“Western governments should recognize their direct harm to civilians and take meaningful steps to lift restrictions that impede access to basic rights,” said Hiba Zayadin, senior Syria researcher at HRW.
