EU Suspends Sanctions on Key Syria Economic Sectors

Syria's new leaders have been clamoring for the West to ease sanctions imposed to target Assad's regime during the civil war.

But Europe and other powers have been reluctant to move before clear signals from the new Islamist-led rulers in Damascus that they are serious on having an inclusive transition.

The step approved at a meeting of EU foreign ministers in Brussels includes suspending sanctions on the energy and transport sectors, as well as allowing transfers to five banks and making funds available to Syria's central bank.

"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," the bloc said.

Officials say the measures could be reimposed if Syria's new leaders break promises to respect the rights of minorities and move towards democracy.

Much of Syria's infrastructure was destroyed and the economy ravaged by years of international isolation after Assad's 2011 crackdown on opposition sparked the civil war.

The United Nations said last week that at current growth rates, Syria would need more than 50 years to get back to its economic level before the outbreak of its devastating civil war.

The EU and other international powers are jostling for influence in Syria after the ouster of Assad, who was backed by Russia and Iran.

The sanctions being lifted do not include those on Syria's interim president Ahmed al-Sharaa and his Islamist group Hayat Tahrir al-Sham.

Source: HDN