Bloomberg: EU considers suspending sanctions on Syria’s oil and banks
The European Union is considering an agreement to partially suspend several sanctions on Syria’s energy industry, including lifting a ban on importing crude from the country and on exporting technology to the oil and gas industry.
The agreement would also end restrictions on financing oil exploration or refining, and building new power plants.
The bloc is also considering other measures that could lead to removing several banks from the sanctions list and partially lifting some restrictions previously imposed on the Central Bank of Syria to allow it to provide funds, according to people familiar with the matter.
The freeze on assets in the European Union linked to the central bank is likely to remain in place, said the people, who spoke on condition of anonymity to discuss private deliberations.
Last month, EU foreign ministers agreed on a roadmap to gradually ease sanctions on Syria after the overthrow of Assad.
Implementing the easing depends on reforms, including greater minority participation.
The European ministers agreed to implement the measures in a way that could be reversed if the Syrian government didn’t meet these conditions.
Member states have yet to agree on how the snapback and review mechanism would work, the people said, adding that some EU capitals essentially want to veto any review once it’s triggered.
The plan and the measures themselves would go to legal review once agreed, they said.
One of the people noted that the proposed measures could change before that happens, as the plans themselves are still under discussion.
