Economy News – Update
The United Kingdom has taken significant steps to amend its sanctions regime concerning Syria, specifically by removing several Syrian entities from its sanctions list, which includes the Syrian central bank and oil companies.
As of Thursday, March 6, a total of 24 entities associated with Syria have been de-listed from the sanctions, meaning these entities will no longer have their assets frozen under UK law.
Global Trend Towards Easing Sanctions on Syria
This decision aligns with a broader trend, as earlier in the previous month, the European Union also opted to suspend a number of sanctions levied against the Syrian government, previously led by former President Bashar al-Assad.
The European Union’s resolution involved suspending restrictions across key sectors, including energy—covering oil, gas, and electricity—as well as transportation. Notably, five specific entities, such as the industrial, popular credit, savings, and agricultural cooperative banks, along with Syrian Arab Airlines, were removed from the list of entities facing asset freezes. Additionally, the restructuring permits the provision of economic resources and funding to the Syrian Central Bank.
Importantly, the European Union has reserved the right to re-impose sanctions should the Syrian government fail to adhere to stipulated conditions.
In response to these developments, the Syrian Foreign Minister has emphasized the country’s commitment to seeking the removal of sanctions and fostering new investment opportunities.
The movement to alleviate sanctions is not limited to the European Union and the UK; Canadian Prime Minister Justin Trudeau has also indicated an intent to lift the economic sanctions that have been imposed on Syria.
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