The European Union suspends sanctions on major sectors in Syria … and what do I stay?

The European Union Council decided today, Monday, to suspend a number of sanctions and restrictions imposed on Syria, in light of the political and economic developments taking place in the country.

The European Union Council indicated, in a statement published today, Monday, that raising the restrictions came “in the context of European efforts to support the comprehensive political transition in the country, its rapid economic recovery, its reconstruction and stability.”

Through this step, the Federation aims to facilitate interaction with Syria, its people and its economic sectors, especially in the fields of energy and transportation, in addition to enabling financial and banking transactions associated with these sectors and those necessary for humanitarian purposes and reconstruction.

Here are the restrictions that were suspended:

Suspending the restrictions in the fields of energy (including oil, gas and electricity) and transportation, and removing five entities from the list of entities subject to freezing money and economic resources, namely: Industrial Bank, People’s Bank, Savings Bank, Agricultural Cooperative Bank, and Syrian Arab Airlines. The provision of funds and economic resources for the Syrian Central Bank will be allowed. In addition to providing some exemptions from the prohibition of establishing banking relations between Syrian banks and financial institutions in the European Union countries, to allow transactions related to the energy and transport sectors, in addition to humanitarian transactions and reconstruction.