What does lifting sanctions on Syria mean?

Lifting sanctions on Syria

What does lifting sanctions on Syria mean?

At the request of Saudi Crown Prince Mohammed bin Salman, US President Donald Trump announced the lifting of sanctions on Syria. Trump said on Tuesday from Riyadh that he decided to lift sanctions on Syria after discussing the matter with the Saudi Crown Prince.

He added that the decision to lift sanctions on Syria was to give Syrians a new opportunity. How will this lifting of sanctions affect the reality of Syria, which is suffering from stifling economic crises due to the long years of war?

"Opening Markets"

Academic and economic analyst Lana Padwan noted that lifting US sanctions will bring about "a radical transformation in the Syrian economy, as it will allow markets to open for essential goods and commodities, facilitating access to food and medicine."

She also believed that this will "open the way for reconstruction projects needed for the infrastructure damaged by the conflict, including the construction of schools, hospitals, and roads."

"A Positive Climate"

For his part, economic analyst Abed Fadhila told Al Arabiya.net, "Given that the US sanctions relief will be followed by a similar European decision and other decisions, this does not mean immediate economic and social prosperity, but it will initially create a positive and strong investment climate for Syrian and non-Syrian investors."

For his part, Syrian academic and economic expert Ammar Youssef noted that "lifting US sanctions means opening the door to investors, especially since the country has suffered significant destruction and is now fertile ground for many projects, such as reconstruction and investment in the oil, energy, tourism, and agriculture sectors."

He told Al Arabiya.net, "There are significant obstacles facing the Syrian economy, but lifting the sanctions is a necessary and extremely important matter, and it will contribute to recovering what the country lost due to the war through reconstruction and the return of local production in various sectors."

A Promising Economic Phase

For his part, Syrian Economy Minister Nidal al-Shaar expressed Damascus's deep appreciation to Saudi Arabia for its significant support in efforts to lift US sanctions on his country, stressing that words of thanks do not adequately express the Kingdom's appreciation for this pivotal role.

He told Al Arabiya that Trump's announcement from Riyadh represents a new beginning for the Syrian economy, noting that this step opens the door to a promising economic phase that enhances reconstruction opportunities and attracts investment.

Significant Jump for the Syrian Pound

It is noteworthy that the Syrian pound recorded a significant jump against the US dollar on the parallel market, rising by about 10% within minutes after Trump's announcement from Riyadh that sanctions imposed on Syria would be lifted. Syrian currency trading platforms and websites reported that the pound rose to 8,700 pounds against the dollar, with the buying price reaching 8,300 pounds.

It's worth noting that since assuming power following the overthrow of Bashar al-Assad's regime, the new authorities in Damascus have called on the international community to lift sanctions imposed on key sectors and institutions in the country since the outbreak of the conflict in 2011, considering this a fundamental step toward economic recovery and the beginning of the reconstruction phase.