Last month, the United States and the EU announced the relaxation of sanctions against Syria.
“It’s time to shine. We are all taking them off,” said US President Donald Trump in a speech that sparked an explosion of joy in Damascus.
After 14 years of war, 90% of the Syrian population live under the poverty line. Since the fall of the Assad regime in December, eliminating the sanctions to launch the economy has been an absolute priority of the president of the transition Ahmed al-Sharaa, the chief of the victorious rebellion; But Syria has been subject to serious restrictions in the United States since 1979 and lifting them will not be simple.
The main restrictions are Caesar Syrian Civilian Protection Act 2019 and Syria responsibility for 2003 and the Lebanese law on the restoration of sovereignty (salsa). Only the congress can fully repeal them, and it will take the best for months. Executive power can issue temporary derogations, as the Treasury Department has done in May, but the real impact on Syrian companies and financial institutions remains limited.
“Only the complete cancellation of American laws César and Salsa, and not only their temporary suspension, could open the door to long -term investments,” argues Samir Aita, president of the Circle of Arab economists, a reflection group based in Paris.
For Syrian banks, which are largely cut off from global financial networks, joining the rapid system for the transfer and the corresponding banking relationship report is the first on the agenda. “The Syrian market is very promising; He is almost virgin, “explains Ali Awdeh, head of research at the Union of Arab Banks,” but honestly, no bank in the Arab region, or elsewhere, dares to enter this market until there is a complete lifting of American sanctions. ” In Europe, the process is less complicated. Last month, the European Council raised sanctions against several Syrian companies operating in key sectors such as oil production, agriculture, finance, construction, telecommunications and the media. Depending on how the situation in Syria is developing, other companies may be deleted in the coming months. However, the restrictions will remain for industries that pose security problems, such as arms sales.
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