The United Kingdom has announced the lifting of sanctions on 24 Syrian entities, including the Central Bank of Syria. These sanctions had imposed economic restrictions, preventing entities from conducting international transactions, such as the freezing of their assets. The lifting of these sanctions enables these organisations to resume their activities, particularly in the banking and oil sectors.
Easing of sanctions on key sectors
The entities removed from the UK sanctions list include companies operating in various sectors, such as aviation and energy. Syrian Air and several public and private companies linked to the oil industry are among those affected. These organisations are primarily based in Syria but also operate in Lebanon and the United Arab Emirates.
This shift follows a statement from the UK government in February, announcing its intention to ease sanctions imposed during Bashar al-Assad’s regime. The United Kingdom stated that its goal was to support the country’s economic reconstruction while remaining vigilant over the political developments.
A trend of lifting restrictions supported by the EU
The lifting of sanctions by London is part of a broader European trend of easing restrictions. The previous week, the European Union had also suspended certain sanctions imposed on Syria, particularly in the banking, energy, and transport sectors. These measures complement calls from Syrian authorities, who have been demanding the full lifting of sanctions to revive the country’s economy.
Since the fall of Assad’s regime in December, Syrian authorities have hoped that easing the restrictions will open new prospects for the country’s reconstruction after 14 years of devastating civil war. The measures taken by both the United Kingdom and the European Union could help attract new investments and facilitate international trade with Syria.
