The European Union on Monday began rolling back energy, transport, and banking sanctions against Syria in an effort to revitalize the country's struggling economy, provided its new leadership remains committed to peace, The Associated Press reported.
The EU initially imposed asset freezes and travel bans on Syrian officials, banks, agencies, and other entities in 2011 in response to then-President Bashar Al-Assad’s harsh crackdown on protesters which escalated into a full-scale civil war.
Following Assad’s ousting in a swift rebel offensive last December, Hayat Tahrir al-Sham (HTS)—the primary former rebel faction now in control—established an interim administration. The group has pledged to form a new government through an inclusive process by March.
Seeking to encourage Syria’s new leadership, the EU announced it would lift sanctions affecting oil, gas, and electricity, as well as the transport and aviation sectors. Additionally, financial transactions and certain economic resources will once again be permitted for five banks.
The EU will also relax restrictions on luxury goods intended for personal use in Syria.
The decision, made by EU foreign ministers, was part of broader efforts “to support an inclusive political transition in Syria, and its swift economic recovery, reconstruction, and stabilization,” according to an official statement quoted by AP.
The EU emphasized that it would closely monitor developments in Syria to determine whether further economic sanctions could be lifted. At the same time, it left open the possibility of reinstating sanctions if the country’s new leadership veers off course.
Ahmed al-Sharaa, who leads HTS, was named president for a transitional period last month.
Since taking office, Sharaa has worked to strengthen ties with Arab nations, committing to a political transition that will involve forming an inclusive government and organizing elections, which he has indicated could take up to four years to complete.
HTS later broke off from Al-Nusra Front and prioritized combatting Al-Qaeda as well as the Islamic State (ISIS), of which Sharaa was critical, describing its self-proclaimed caliphate in parts of Syria and Iraq as "illegitimate".
Shortly after Sharaa came to power, the US decided to remove the $10 million bounty on his head, but did not lift the sanctions that have been imposed on Syria during its civil war.