European Union: Suspension of some sanctions imposed on Syria

The European Union countries agreed on Monday, 21/02/2025, to suspend a set of sanctions imposed on Syria; the decision included suspending sanctions related to the energy and transportation sectors, as well as easing restrictions on financial transactions necessary for humanitarian purposes and reconstruction efforts.

In detail, a statement issued by the European Union clarified that easing sanctions in the energy sector includes allowing transactions related to oil, gas, and electricity, which may alleviate the energy crisis in Syria.

Exceptions were also made to the ban on banking transactions between Syrian banks and financial institutions and their counterparts in the European Union countries, allowing financial transactions related to the energy and transportation sectors, as well as essential activities to ensure the delivery of humanitarian aid and the implementation of reconstruction projects.

The Union announced the removal of 5 Syrian institutions from the sanctions list, which included freezing their assets and prohibiting dealings with them, namely: Industrial Bank - Popular Credit Bank - Syrian Airlines - Cooperative Agricultural Bank - Savings Bank.

The European Union also decided to partially exempt the ban on luxury goods exports to Syria, a decision that may impact trade movements and the import of previously prohibited products in recent years.

This decision comes within the framework of the European Union's efforts to support the reconstruction of Syria and its endeavors to establish new relations with the current Syrian administration.