The US president has announced the removal of all sanctions imposed on Syria, signaling a significant shift in international policy towards the country after years of isolation and war.
This move gives Damascus the opportunity to rebuild its economy and reconnect with the international community. Despite this positive development, there remain significant obstacles, such as the complexity of sanctions and the need for broader financial support, which make recovery a difficult and long -term process.
Syrian diplomacy welcomed Tuesday for this “decisive turning point”, especially as Britain and Canada have already loosened their own sanctions.
The importance to the Syrian economy
Syrian Finance Minister Mohammad Yasir Barniya told the official Sana news agency on Tuesday that the decision “will help Syria rebuild its institutions, provide basic services to the population and open up great prospects for investment”.
According to Jihad Yazigi, director of the financial website “The Syria Report”, “US sanctions were the most binding among all Western sanctions.”
Their lifting therefore represents “a very powerful political indication: that just the whole world can re -work with Syria, that we are starting again from scratch, which is vital,” he explains to the French Agency.
He adds that “the most visible immediate power will be to facilitate the transfer of money from the Gulf countries as well as the development aid in general.”
The majority of US sanctions were imposed after the clash in 2011. They targeted former President Bashar al -Assad, who suppressed bloody anti -government demonstrations, as well as several members of his family as well as political and economic officials.
In 2020 new sanctions came into force under the “Caesar Law”, targeting many relatives of Bashar al -Assad, such as his wife Anta, by freezing their assets in the US.
This law also provides for strict penalties at the expense of any entity that works with the Syrian regime. It also targets the areas of construction, oil and gas and prohibits any American assistance in rebuilding, with the exception of humanitarian non -governmental organizations.
The need for wider international support
For Syrians, of which almost 90% live below the UN poverty line, the impact will depend on the timing of the lifting of bank sanctions, “as this could mean that the US financial system interacts with the Syrian banking system,”
This “will improve commercial activity, boost investment, create many jobs and boost the economic environment,” he added.
As for the Syrian pound, which has lost about 90% of its value since the conflict began, Yazigi estimates that the influx of dollars in the country could have a positive impact on its stabilization, perhaps on its reinforcement.
The procedures of lifting sanctions are long and complex
However, political economist Mr Maram Saar explains that “the procedures for the removal of sanctions are long and complex, even when there is political will.”
“It will take several months to remove these sanctions, as they are also punitive legislative texts, some penalties fall under laws and are not just executive decrees.”
Concerning the “Caesar Law”, Saar recalls that “the president can suspend sanctions, but he cannot abolish them without vote in Congress.”
After lifting the sanctions, Yazigi states that “we can start thinking and planning a more scale reconstruction” but that “lifting sanctions alone is not enough”.
It calculates in more than $ 400 billion the cost of rebuilding after 14 years of war that left more than 500,000 dead and more than 10 million displaced.
According to Jihad Yazigi, it will also need “to mobilize the necessary financial resources to support this process” mainly from the Gulf and Europe countries.
With difficulties the return of refugees
To date, only 1.87 million displaced Syrians have returned to their places of origin, according to the UN, which states that “the lack of financial opportunities and basic services is the main obstacle to the return of Syrians”.
Arab and Western countries have pledged to contribute to rebuilding during a conference held in Paris last February.
European countries began with the relaxation of certain sanctions, but have made a prerequisite that for any further progress the achievements of the new Syrian government in areas such as the fight against “terrorism”, respect for human rights and protection of minorities.
