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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Headlines

    Posted By Global Banking and Finance Review

    Posted on January 20, 2025

    Featured image for article about Headlines

    By Lili Bayer

    BRUSSELS (Reuters) - The European Union is considering a step-by-step suspension of multiple economic sanctions targeting Syria as it seeks to support the country’s transition, while retaining some leverage, according to two internal documents seen by Reuters.

    EU foreign ministers are expected to discuss suspending some Syrian sanctions during a meeting in Brussels on Jan. 27.

    European capitals began reassessing their Syria policies after the ousting of president Bashar al-Assad by insurgent forces led by the Islamist Hayat Tahrir al-Sham (HTS) that the United Nations designates a terrorist group.

    The documents, produced by the bloc’s foreign policy arm ahead of the ministers’ meeting, outline options for supporting Syria’s transition and a roadmap for easing sanctions.

    “Broad consensus has emerged among EU member states on the need to ease the EU’s sanctions framework in order to send a positive signal of support to the transition and new authorities,” according to the proposed roadmap.

    “At the same time, several EU MS (member states) have urged for prudence and maintaining some leverage vis-à-vis the new authorities, in case things do not evolve as hoped,” it said, adding that “a staged approach should be employed”.

    A political agreement could be announced at the Jan. 27 meeting.

    EU sanctions include bans on oil imports from Syria, as well as a ban on investment in the Syrian oil industry and a freeze on any Syrian central bank assets in the EU.

    The proposed roadmap indicates some existing sanctions, including those related to arms and entities linked to the Assad regime, would not be suspended.

    Options for supporting Syria mentioned in the paper on EU efforts include boosting humanitarian aid, gradually supporting reconstruction and considering allowing Syrian refugees residing in Europe to travel back and forth during a transition period.

    Six EU member states - Denmark, Finland, France, Germany, Spain and the Netherlands – called earlier this month for the bloc to temporarily suspend sanctions on Syria in areas including transport, energy and banking.

    (Reporting by Lili Bayer; editing by Barbara Lewis)

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