UK Removes 24 Syrian Entities from Sanctions including Central Bank, Oil Companies

The UK has decided to remove some Syrian entities from the sanctions list, including the Central Bank and oil companies.

According to the decisions issued today, Thursday, March 6, 24 entities linked to Syria have been removed from the sanctions list, and under the decision, these entities are no longer subject to asset freezes.

Earlier last month, the European Union decided to suspend a number of sanctions and restrictive measures it imposed on Syria under the regime of former President Bashar al-Assad.

The unified bloc decided to suspend restrictive measures in the energy sectors (including oil, gas and electricity), and transportation, and to remove five entities including banks (Industrial, Popular Credit, Savings, and Agricultural Cooperative), in addition to Syrian Arab Airlines, from the list of entities subject to the freezing of funds and economic resources, in addition to allowing the provision of funds and economic resources to the Central Bank of Syria.

The European Union reserved the right to re-impose sanctions in the event of non-compliance with the conditions required by the Syrian government.

For his part, the Syrian Foreign Minister stressed that his country seeks to lift sanctions on Syria and open new investment opportunities.

The European Union and Britain are not the only ones who have decided to lift sanctions on Syria. Canadian Prime Minister Justin Trudeau announced earlier this year that they are working to lift economic sanctions imposed on Syria.