EU suspends restrictive measures on key economic sectors of Syria.

EU suspends restrictive measures on key economic sectors of Syria.

International news Desk

According to global Times news agency Europe,The EU Council has decided to suspend a number of restrictive measures in view of the situation in Syria, The global Times Europe media informs referring to the EU Council website.This decision is part of the EU’s efforts to support an inclusive political transition in Syria, and its swift economic recovery, reconstruction, and stabilization.The EU aims to facilitate engagement with Syria, its people, and businesses, in key areas of energy and transport, as well as to facilitate financial and banking transactions associated with such sectors and those needed for humanitarian and reconstruction purposes.In particular, the Council has decided to suspend sectoral measures in the energy (including oil, gas and electricity) and transport sectors, remove five entities (Industrial Bank, Popular Credit Bank, Saving Bank, Agricultural Cooperative Bank, and Syrian Arab Airlines) from the list of those subject to the freezing of funds and economic resources, as well as to allow making funds and economic resources available to the Syrian Central bank, introduce certain exemptions to the prohibition of establishing banking relations between Syrian banks and financial institutions within the territories of the member states, to allow transactions associated to the energy and transport sectors as well as transactions needed for humanitarian and reconstruction purposes, extend indefinitely the application of the existing humanitarian exemption and introduce an exemption for personal use to export prohibitions of luxury goods to Syria.