UK lifts sanctions on Syria

Britain said on Thursday it would support efforts to rebuild Syria’s financial system by removing sanctions to encourage investments in financial services, energy production and other sectors.

London also lifted asset freezes on Syria’s Defence and Interior Ministries and a range of intelligence agencies, reversing penalties imposed during Bashar al-Assad’s presidency.

The West is rethinking its approach to Syria after insurgent forces led by the Islamist Hayat Tahrir al-Sham ousted Assad as president in December after more than 13 years of civil war.

“The Syrian people deserve the opportunity to rebuild their country and economy, and a stable Syria is in the UK’s national interest,” Hamish Falconer, minister for the Middle East, said in a statement.

Later on Thursday, Syria welcomed the lifting of the sanctions, the country’s Foreign Ministry said in a statement, adding that the step is a “constructive move toward normalizing international relations”.

A notice posted online by the British finance ministry said the Syrian Interior Ministry, Defence Ministry and General Intelligence Directorate were among 12 entities no longer subject to asset freezes.

In March, the government unfroze the assets of Syria’s central bank and 23 other entities including banks and oil companies.

The British government said the amendments to its sanctions legislation would allow it to hold Assad and his associates accountable for their actions when in power.

The Foreign Office said Britain was committed to an inclusive political transition in Syria, including the protection of human rights, unfettered access for humanitarian aid, safe destruction of chemical weapons stockpiles and moves to combat terrorism.

“We will continue to press the Syrian government to ensure it meets the commitments it has made,” the Foreign Office added.

Register now: It’s easy and free

AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East.