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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 May 20, 2025

    Featured image for article about Headlines

    BRUSSELS (Reuters) -EU foreign ministers on Tuesday agreed to lift economic sanctions on Syria, the bloc's foreign policy chief Kaja Kallas said.

    "We want to help the Syrian people rebuild a new, inclusive and peaceful Syria," Kallas said in a post on social media platform X following discussions with ministers in Brussels.

    The European Union's policy shift comes after President Donald Trump said last week he would order the lifting of U.S. sanctions on Syria after its 14-year civil war.

    "The EU has always stood by Syrians throughout the last 14 years - and will keep doing so," Kallas said.

    In a statement announcing the political decision to lift economic sanctions, the Council said the EU will keep sanctions related to the Assad regime "as well as sanctions based on security grounds, including arms and technology that might be used for internal repression".

    The bloc will also "introduce additional targeted restrictive measures against human rights violators and those fuelling instability in Syria," the statement said.

    Syria's Foreign Minister Assad al-Shibani said on X that the EU's decision would bolster Syria's security and stability.

    The Syrian foreign ministry later said that the lifting of sanctions would open new avenues for engagement.

    "The Syrian government stands ready to enhance collaborative ties with European businesses and investors, fostering an environment conducive to economic revitalisation and sustainable development," the ministry said.

    The EU has already eased sanctions related to energy, transport and reconstruction, as well as associated financial transactions, but some capitals have argued that the measures were insufficient to help support Syria's political transition and economic recovery.

    "The European Union wants to make a fresh start with Syria... but we also expect an inclusive policy within the country that includes all population groups and religious groups," Germany's Foreign Minister Johann Wadephul said in a written statement.

    "It is important to us that a united Syria can thus take its future into its own hands," he added.

    (Reporting by Lili Bayer and Bart Meijer; Writing by Charlotte Van Campenhout; additional reporting by Victoria Waldersee and Menna Alaa El Din; Editing by William Maclean, Gareth Jones and Alistair Bell)

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