EU's Kallas proposes further loosening of Syria sanctions
By Lili Bayer and John Irish
BRUSSELS (Reuters) - EU foreign policy chief Kaja Kallas has proposed a further loosening of European sanctions on Syria to allow funding for Syrian ministries in areas including reconstruction and migration, according to a document seen by Reuters.
The move comes after U.S. President Donald Trump said on Tuesday he would order the lifting of sanctions on Syria.
European Union foreign ministers are expected to discuss the relationship with Damascus at a meeting in Brussels next week.
The EU has already eased sanctions related to energy, transport and reconstruction, as well as associated financial transactions, but some member states have pushed for further relief to help smooth Syria's transition.
French President Emmanuel Macron said this month after hosting Syrian President Ahmed al-Sharaa that Paris would push for the EU to end its sanctions when they come up for renewal.
The bulk of sanctions imposed since 2013 are renewed annually on June 1.
With the World Bank estimating Syria's reconstruction costs at more than $250 billion, Syria's new authorities have been lobbying European countries for relief from the tough Western sanctions imposed on the former government of Bashar al-Assad.
Under the new proposal, dated May 14, the EU would allow member states to provide funding to Syria's ministries of defence and interior for cooperation "in the areas of reconstruction, capacity-building, counter-terrorism and migration", the document said.
A special provision would allow EU member states more room for manoeuvre in dealing with Syrian state-owned entities when it comes to the destruction of chemical weapons.
The new proposal would lift sanctions on the Commercial Bank of Syria, while retaining measures targeting individuals linked to Assad's former administration.
Officials are also discussing whether to lift sanctions on Syria's central bank, three diplomats said.
Germany, Italy, the Netherlands and Austria have circulated a joint document, seen by Reuters, calling for lifting sanctions on Syria's central bank and financial institutions.
"The objective is to provide additional space for socio-economic recovery," the four countries wrote.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
44 minutes ago
- Yahoo
European ETFs Set to Gain as ECB Cuts Rate Again
The European Central Bank (ECB), as widely expected, again cut its interest rate by 25 bps to 2% in a move to shore up a weakening economy. The move marks the eighth consecutive quarter-point cut in the past year. The ECB also signaled it is nearing the end of its rate-cutting cycle as inflation decision underscores growing concern over the eurozone's sluggish recovery in the face of global headwinds, most notably, the destabilizing effects of ongoing U.S. trade policies under President Donald Trump. The ECB's dovish stance will push European stocks and ETFs higher. With rates at their lowest in years and inflation subdued, European bonds, especially corporate debt, may gain renewed investor interest. A weaker euro will likely boost multinational earnings denominated in stronger foreign such, we have highlighted five European ETFs that stand to benefit from the ECB's decision. These are Vanguard FTSE Europe ETF VGK, iShares MSCI Eurozone ETF EZU, iShares Core MSCI Europe ETF IEUR, SPDR EURO STOXX 50 ETF FEZ and JPMorgan BetaBuilders Europe ETF BBEU. These funds could be excellent buys for investors seeking to reap benefits from the current measures. Economic growth has slowed across the eurozone, especially in France, Germany and Italy, and the outlook for next year is weak, according to forecasts by the European Union (EU). Eurozone inflation fell to 1.9% in May, slipping below the ECB's 2% target for the first time in nine months. Additionally, Trump's protectionist trade agenda has led to rate cuts by the ECB. The White House's imposition of fresh tariffs on European industrial goods and autos, along with retaliation from EU partners, has curtailed exports and dampened business investment. The eurozone's export-driven model, especially in manufacturing-heavy Germany, has proven vulnerable. A further escalation in global trade tensions could further hit euro area growth by dampening exports and dragging down investment and consumption (read: 6 Factors to Play Europe ETFs Now).The ECB's latest rate cut brings borrowing costs in the eurozone to less than half the level in the United States and the United Kingdom, where the Federal Reserve and Bank of England have held rates at 4.25%–4.5% and 4.25%, respectively. "While the uncertainty surrounding trade policies is expected to weigh on business investment and exports, especially in the short term, rising government investment in defense and infrastructure will increasingly support growth over the medium term," the ECB said. Vanguard FTSE Europe ETF (VGK)Vanguard FTSE Europe ETF offers exposure to companies located in the major markets of Europe by tracking the FTSE Developed Europe All Cap Index. It holds a broad basket of 1241 stocks with key holdings in financials, industrials, health care, and consumer discretionary sectors. Vanguard FTSE Europe ETF has AUM of $25.5 billion and trades in an average daily volume of 4 million shares. It charges 6 bps in annual fees and has a Zacks ETF Rank #3 (Hold) with a Medium risk MSCI Eurozone ETF (EZU)iShares MSCI Eurozone ETF provides exposure to developed market countries using the euro for currency and follows the MSCI EMU index. The fund holds about 223 securities in its basket with financials, industrials, information technology and consumer discretionary taking a double-digit allocation each. From a country look, France and Germany take the biggest share in the basket with 31.3% and 29.3%, respectively. iShares MSCI Eurozone ETF is one of the most popular ETFs in the broader European space, with AUM of $7.9 billion and an average daily volume of 2 million shares. It charges investors 51 bps in annual fees and has a Zacks ETF Rank #3 with a Medium risk outlook (read: Europe ETF (EZU) Hits New 52-Week High). iShares Core MSCI Europe ETF (IEUR)iShares Core MSCI Europe ETF tracks the MSCI Europe Investable Market Index, holding a broad basket of 1019 European companies. It has key holdings in financials, industrials, and health care sectors with double-digit exposure each. The United Kingdom is the top country accounting for 22.8%, followed by France (15.6%), Germany (14.9%), and Switzerland (14%). iShares Core MSCI Europe ETF has AUM of $6.7 billion and trades in an average daily volume of 1 million shares. It charges 9 bps in annual fees and has a Zacks ETF Rank # EURO STOXX 50 ETF (FEZ)SPDR EURO STOXX 50 ETF follows the EURO STOXX 50 Index, which measures the performance of some of the largest companies across the components of the 20 EURO STOXX Supersector Indexes. The fund appears rich with AUM of $4.6 billion and average daily volume of around 1.4 million shares. It charges 29 bps in annual fees and holds 50 securities in its basket with key holdings in financials, industrials, information technology and consumer discretionary sectors. In terms of country allocation, France and Germany lead with 36.9% and 29.1% share, respectively, followed by the Netherlands (23.3%), Spain (8.7%) and Italy (8.4%). SPDR EURO STOXX 50 ETF has a Zacks ETF Rank # BetaBuilders Europe ETF (BBEU)JPMorgan BetaBuilders Europe ETF provides investors exposure to developed European equity markets by tracking the Morningstar Developed Europe Target Market Exposure Index. It holds 396 stocks in its basket with key holdings in financials, industrials and consumer discretionary sectors. Here again, the United Kingdom is the top country accounting for 22.3% share, followed by France, Germany, and Switzerland with 14% share each. JPMorgan BetaBuilders Europe ETF has amassed $4.6 billion in its asset base and charges 9 bps in fees from investors. It trades in a heavy volume of nearly 330,000 shares a day on average and has a Zacks ETF Rank #3. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SPDR EURO STOXX 50 ETF (FEZ): ETF Research Reports iShares MSCI Eurozone ETF (EZU): ETF Research Reports Vanguard FTSE Europe ETF (VGK): ETF Research Reports iShares Core MSCI Europe ETF (IEUR): ETF Research Reports JPMorgan BetaBuilders Europe ETF (BBEU): ETF Research Reports This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Ukraine completes preparations to join EU's roam like at home zone
The European Commission received formal notification from Ukraine confirming the completion of all legislative procedures required to join the EU's Roam Like at Home zone. Source: Rikard Jozwiak, an editor at Radio Free Europe/Radio Liberty, as reported by European Pravda Details: Moldova is expected to submit a similar notification soon, with both countries set to join the roaming-free zone simultaneously. According to Jozwiak, Ukraine and Moldova will become part of the EU roaming zone from 1 January 2026. The roaming zone encompasses all 27 EU member states, as well as Norway, Iceland and Liechtenstein. This marks the first time the zone will expand to include candidate countries for EU membership. "I know that the word 'historic' is overused these days but this is exactly that," Jozwiak said. On 2 June 2025, President Volodymyr Zelenskyy signed the Law of Ukraine On Amendments to Certain Laws of Ukraine on the Implementation of the European Union's Legislation on Electronic Communications (reg. No. 12150). The European Commission is now expected to initiate a decision on mutual provision of the internal market regime for roaming between the EU and Ukraine, effectively enabling full accession to the roam like at home policy. Once implemented, Ukrainians will be able to use roaming services at domestic tariff rates when travelling in EU countries, with no variation in costs or conditions based on the country of residence within the EU. Background: Since Russia's war of aggression began, millions of Ukrainians in the EU have communicated with relatives in Ukraine without additional roaming charges, thanks to agreements between operators. This temporary arrangement, prompted by the displacement of many Ukrainians to European countries, was last extended in July 2024 for one year. Support Ukrainska Pravda on Patreon!
Yahoo
an hour ago
- Yahoo
Spineway : Minutes of the General Meeting of June 4, 2025
Press release Ecully, June 6, 2025 – 6.00 p.m. SPINEWAY Minutes of the General Meeting of June 4, 2025 The Combined General Meeting (Ordinary and Extraordinary) of Spineway shareholders was held on first notice on Wednesday, June 4, 2025 at 2:00 p.m at the company's registered office, 7 allée Moulin Berger in Ecully (69). The defaulting shareholders were represented by SELARL TULIER POLGE ALIREZAI, as ad hoc representative appointed by Order of the President of the Lyon Commercial Court dated April 30, 2025. The number of shares held by shareholders present, represented and voting by mail was 34,383,058, representing 100% of voting rights. The quorum having been reached, the Meeting was able to proceed and deliberate normally. Resolutions 1, 2, 3, 4, 6, 7, 8, 14, 15, 20 and 21 were approved by shareholders. Resolutions 5, 9, 10, 11, 12, 13, 16, 17, 18 and 19 were rejected. Information relating to the Combined General Meeting is available on the Company's website under 'Investors/Regulated Information': out all about Spineway at This press release has been prepared in both English and French. In case of discrepancies, the French version shall Available Tuesday through Thursday Solène Kennisspineway@ Attachment CPSPW-CR_AG4juin_UK
