The European Union (EU) is set to suspend sanctions imposed on Syria’s banking, energy, and transport sectors starting Monday, according to diplomatic sources.
Syria’s new ruling faction has long urged Western nations to lift the sanctions imposed on the Assad regime. However, Europe and other influential countries had been reluctant to take any action until Syria’s new Islamist leadership demonstrated a firm commitment to an inclusive political transition.
EU’s Official Decision
An official decision to suspend the sanctions will be approved at a meeting of EU foreign ministers in Brussels. Last month, the European bloc reached a preliminary agreement on easing the sanctions, which will take effect on Monday.
Diplomats have warned that if Syria’s new government fails to protect minority rights and uphold democratic reforms, the sanctions could be reimposed.
Challenges of Syria’s Economic Reconstruction
According to the United Nations, at the current growth rate, it will take Syria’s economy more than 50 years to return to the pre-2011 levels before the civil war began.
The war, which erupted due to Assad’s crackdown on opposition groups, has devastated much of Syria’s infrastructure, and prolonged international sanctions have left the country’s economy in a state of crisis.
Competition for Influence in Syria
Following the fall of the Assad government, the EU and other global powers are now vying for influence in Syria, which had previously been sustained by the support of key allies Russia and Iran. By easing sanctions, the European bloc aims to play a significant role in Syria’s reconstruction.