24.02.2025 14:20
The European Union has suspended sanctions targeting sectors such as banking, energy, and transportation in Syria after 14 years. In a statement from the Council, it was announced that the Industrial Bank, the Popular Credit Bank, and the Savings Bank, among many others, would be removed from the sanctions list, and that the export bans on luxury goods for personal use to Syria would be lifted.
The EU Council announced the decisions made regarding the EU sanctions imposed on Syria during a meeting held in Brussels with the foreign ministers of member countries.
In the statement, it was noted that EU countries decided to "suspend" a series of restrictive measures considering the situation in Syria, indicating that the decision is part of the EU's efforts to support an inclusive political transition, economic recovery, reconstruction, and stability in Syria. The statement used the expression, "The EU has suspended restrictive measures in key economic sectors in Syria."
BANKS REMOVED FROM THE SANCTIONS LIST
The statement mentioned that transactions in sectors such as energy, transportation, finance, and banking would be facilitated, and it was recorded that a decision was made to suspend measures in the energy and transportation sectors, including oil, gas, and electricity. It was stated that the Industrial Bank of Syria, Popular Credit Bank, Savings Bank, Agricultural Cooperative Bank, and Syrian Arab Airlines would be removed from the sanctions list, and funding and economic resources would be allowed to be provided to the Central Bank of Syria.
EXPORT BANS ON LUXURY GOODS TO SYRIA WILL BE LIFTED
The statement drew attention to the fact that certain exemptions would be introduced to the ban on establishing banking relations between EU banks and Syrian banks and financial institutions, thus allowing transactions, especially in the energy and transportation sectors, as well as for humanitarian and reconstruction purposes. It was reported that the humanitarian exemption in the sanctions would be extended indefinitely, and export bans on luxury goods for personal use to Syria would be lifted.
It was stated that the EU Council would continue its work on this issue and would evaluate in the future whether more economic sanctions could be suspended, closely monitoring the situation in the country. The statement provided information that the sanctions against the Bashar al-Assad regime, related to chemical weapons, illegal drug trafficking, and arms trade, would continue, and that legal regulations regarding the new decisions would be published in the EU Official Gazette tomorrow and come into effect.
EU SANCTIONS AGAINST SYRIA
The EU's sanctions against Syria began in May 2011, following the outbreak of the civil war. Individual restrictive measures were taken against individuals associated with the regime, held responsible for human rights violations, including travel bans and asset freezes.
Key figures within the regime's inner circle, including those close to Bashar al-Assad, were included on 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 context, the import of crude oil and petroleum products, as well as the export of goods that can be used for both military and civilian purposes and certain communication equipment, were restricted. These sanctions also covered the financing of certain initiatives and infrastructure projects.