On Monday, the US Treasury Department announced the finaldecision to cancel sanctions on Syria, confirming that the measure will takeeffect starting Tuesday.
In May, the Treasury had issued General License 25, whichallowed foreign investments and economic transactions with the new Syriangovernment and certain affiliated institutions, including the central bank andstate-owned entities, while suspending Caesar Act sanctions for six months.
Syrian Economic Analyst, Amer Ghazawi, told Shafaq News thatlifting the sanctions is expected to “reinvigorate the economy through thereturn of remittances and the opening of space for new investments,” as itcould “lead to gradual improvements in infrastructure, with potential entry ofenergy and telecommunications companies, and a decline in prices of basic goodsif trade relations are fully restored.”
The US and the EU first began imposing economic sanctions onSyria in 2011, following the beginning of the civil war. These initial measureswere designed to apply political and economic pressure on the government bytargeting its financial and energy sectors, freezing the assets of keyofficials, and restricting trade. The sanctions were significantly expanded andformalized with the passage of the Caesar Syria Civilian Protection Act in2019. The act targeted various sectors by targeting foreign entities dealingwith Damascus and blocking reconstruction.
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