Syrian business owners welcome EU’s lifting of sanctions
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Syrian business owners welcome EU’s lifting of sanctions
The EU and U.S. announced this week that they would lift sanctions on Syria. The move is seen as a major step in the effort to rebuild the country. The sanctions had been in place since the fall of President Bashar al-Assad in 2011. The decision is being welcomed by businesses in the country, who were cut off from the outside world by the sanctions. It is the first time in more than a decade that the international community has lifted sanctions on the Syrian government.
Business owners in Syria have welcomed the European Union’s decision this week to lift sanctions on the country, in what observers say is the most significant easing of Western pressure on Damascus in more than a decade.
The EU’s move, which followed a similar announcement by the United States in mid-May, was praised by Syrian Foreign Minister Asaad al-Shaibani as one that would bolster Syria’s security and stability.
For many Syrian entrepreneurs, it also brings the hope of rebuilding their livelihoods after years of economic isolation.
“Companies that were ousted from Syria and stopped dealing with us because of the sanctions are now in contact with us,” Hassan Bandakji, a local business owner, told Al Jazeera.
“Many companies and producers are telling us they are coming back and that they want to reserve a spot in our market.”
The EU and US sanctions had levied wide-ranging sanctions against the government of former Syrian President Bashar al-Assad, who was removed from power in a rebel offensive in December of last year.
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The economic curbs had severely limited trade, investment, and financial transactions in Syria, cutting businesses off from supplies and international banking.
“The main obstacle we faced was getting raw materials and automated lines,” said Ali Sheikh Kweider, who manages a factory in the countryside of the Syrian capital, Damascus.
“As for bank accounts, we weren’t able to send or receive any transactions,” Kweider told Al Jazeera.
Syria’s new government, led by ex-rebel leader and interim President Ahmed al-Sharaa, had called for the sanctions to be lifted as it seeks to rebuild the country.
US President Donald Trump said after a meeting with al-Sharaa in Saudi Arabia last week that he planned to order the lifting of American sanctions on Syria.
Reporting from Damascus, Al Jazeera’s Mahmoud Abdelwahed said the government is hoping the sanctions relief will help Syria reintegrate into the international community.
It also views the EU’s announcement as additional “recognition of the new political leadership” in the country, Abdelwahed added.
Europe follows in the footsteps of the United States and lifts sanctions on Syria
European diplomats fear that the situation in Syria could resemble that in Afghanistan. The resolution is in line with the growing global trend towards reducing economic restrictions in order to revitalise life and allow the Syrian people to rebuild their nation. The sanctions were imposed at the height of the Arab Spring in 2011 and intensified as the situation evolved into a civil war. The most important of these is the lifting of restrictions in the areas of energy, transport and banking, as well as allowing the import of luxury goods. However, the authorities have warned that these measures could be reimposed if the new Syrian government leaders break their promises to respect minority rights and move towards democracy. ‘We believe that today marks a historic moment in the history of the two countries,’ concluded Syrian Foreign Minister Assad al-Chaibani.
According to European diplomats, this decision has been motivated by European institutions’ fear that the situation in Syria could resemble that in Afghanistan. The resolution is in line with the growing global trend towards reducing economic restrictions in order to revitalise life and allow the Syrian people to rebuild their nation.
Syrian interim president Ahmed Al-Sharaa speaks during a ministerial training session of the Syrian Arab Republic government in Damascus, Syria, on 29 March 2025 – REUTERS/ KHALLIL ASHAWI
The same source said that the ambassadors of the 27 member countries of the European bloc had reached an initial consensus, which is expected to be officially announced by their respective foreign ministers in the coming days. However, the authorities have warned that these measures could be reimposed if the new Syrian government leaders break their promises to respect minority rights and move towards democracy.
The move reflects a change of direction for the European Union, after it took its first steps in February. The most important of these is the lifting of restrictions in the areas of energy, transport and banking, as well as allowing the import of luxury goods.
The first to speak out was Kaya Kallas, the EU’s High Representative for Foreign Affairs and Security Policy, who said that the European Union ‘has no alternative but to lift sanctions against Syria’.
Philip R. Lane, Member of the Executive Board of the European Central Bank – PHOTO/Bernd Hartung/European Central Bank
‘There are concerns about whether the Damascus government is making adequate progress, but I believe we have no choice. Either we give them the opportunity to stabilise the country, or we will face results similar to those in Afghanistan,’ she added. In addition, Kaya Kallas said that the EU had no choice but to lift sanctions against Syria.
The sanctions were imposed at the height of the Arab Spring in 2011 and intensified as the situation evolved into a civil war, reinforced by the US Caesar Act.
In contrast, for Assad al-Chaibani, Syrian foreign minister, ‘the lifting of sanctions expresses the regional and international will to support Syria.’ ‘The Syrian people now have a historic and very important opportunity to rebuild their country,’ he added at a press conference in Damascus with his Jordanian counterpart Ayman Safadi, who congratulated his Syrian counterpart.
Valdis Dombrovskis, European Commissioner for Economic Affairs and Productivity – REUTERS/ JOHANNA GERON
‘The goal today is to take advantage of the lifting of sanctions. Those who want to invest in Syria are welcome, those who want to cooperate with Syria no longer face any sanctions,’ the minister continued. ‘We believe that today marks a historic moment in the history of the two countries and a very important moment in the future of relations between the two countries,’ concluded Syrian Foreign Minister Assad al-Chaibani.
Although it is unclear how effective the lifting of sanctions will be, for the West, the decision to lift sanctions would give Syria the opportunity to reintegrate its economy, restore welfare at all levels and reconcile with neighbouring countries and the international community.
Source: https://www.aljazeera.com/news/2025/5/22/syrian-business-owners-welcome-eus-lifting-of-sanctions
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