The decision to lift the sanctions ignites a wave of optimism between the Syrians, and restores hope for the improvement of the economy and living.
What were the most prominent penalties imposed?
Fluid assets:
The sanctions included freezing the accounts and assets of Syrian banks, including the Ministry of Finance and the Syrian Central Bank in American and international banks, which prevented the government from reaching its money and investing.
Strict financial restrictions:
International financial transactions were banned with Syrian institutions and prevented American investments, which obstructed the transfer of funds and affected the funding of salaries and basic services.
Commercial ban and oil:
Export and import operations were banned, especially in the oil and energy sectors, and prevented companies from buying Syrian oil, which led to a decline in revenues, fuel shortages and biological materials.
Caesar Law:
The United States imposed the “Caesar Law” in relation to the dissident Syrian military photographer, who brought up pictures of the victims of torture. The law stipulated extensive penalties that include Syrian officials and everyone who deals with the system, and also froze reconstruction aid.
What are the effects of lifting penalties?
economically:
Reopening the door for international trade and attracting investments, especially in the energy and infrastructure sectors. The Syrian pound witnessed an improvement against the dollar after the announcement.
socially:
Increasing the flow of humanitarian aid and providing electricity and water, which reduces the suffering of citizens and enhances stability. The Minister of Energy confirmed that the decision will accelerate the rehabilitation of broken generation stations.
Politically:
The decision represents a sign of the start of normalization of relations with the Syrian government, and encourages other countries such as the European Union to reduce or lift its sanctions, which enhances Syria’s international position.
