Syria: EU suspends restrictive measures on key economic sectors

The Council decided today to suspend a number of restrictive measures in view of the situation in Syria. This decision is part of the EU’s efforts to support an inclusive political transition in Syria, and its swift economic recovery, reconstruction, and stabilisation.

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 purposes.

In particular, the Council has decided to:

– suspend sectoral measures in the energy (including oil, gas and electricity) and transport sectors

– remove five entities (Industrial Bank, Popular Credit Bank, Saving Bank, Agricultural Cooperative Bank, and Syrian Arab Airlines) from the list of those subject to the freezing of funds and economic resources, as well as to allow making funds and economic resources available to the Syrian Central bank

– introduce certain exemptions to the prohibition of establishing banking relations between Syrian banks and financial institutions within the territories of the member states, to allow transactions associated to the energy and transport sectors as well as transactions needed for humanitarian and reconstruction purposes

– extend indefinitely the application of the existing humanitarian exemption

– introduce an exemption for personal use to export prohibitions of luxury goods to Syria

Following up on today’s decision, the Council will pursue its work, and assess whether further economic sanctions could be suspended. It will also continue to closely monitor the situation in the country to ensure that such suspensions remain appropriate.

At the same time, the Council maintains listings related to the Al-Assad regime, the chemical weapons sector and illicit drug trade as well as a number of sectoral measures, such as on arms trade, dual-use goods, equipment for internal repression, software for interception and surveillance, and the import/export of Syrian cultural heritage goods.

EU restrictive measures have been used as a tool against the Al-Assad regime, responsible for the violent repression of the Syrian civil population. The fall of the Al-Assad regime marks the beginning of a new era of hope for the Syrian people. All Syrians, in the country and diaspora, should have the opportunity to participate in the rebuilding of their country. The EU stands with the Syrian people in this moment of transition.

The Council approved a declaration in this regard and the relevant legal acts will be published in the Official Journal of the EU tomorrow.

More information European Council.