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DW
5 days ago
- Business
- DW
European Union lifts economic sanctions on Syria – DW – 05/28/2025
The Syrian Central Bank and other lenders will now be able to access the European financial market once again. However, economic sanctions based on security reasons will remain in place. European Union countries on Wednesday passed legislation to lift all economic sanctions on Syria except for those based on security grounds. To facilitate the rapid reconstruction of the war-torn country, the Syrian Central Bank and other lenders can once again access the European financial market. It will take effect once published in the EU's Official Journal and carries out a political decision made by EU foreign ministers last week to end the bloc's restrictive measures. "This decision is simply the right thing to do," top EU diplomat Kaja Kallas said. "At this historic time, for the EU to genuinely support Syria's recovery and a political transition that fulfils the aspirations of all Syrians." "Today the EU reaffirms its commitment as a partner for the transition, one that helps the Syrian people to reunite and rebuild a new, inclusive, peaceful Syria," she added. US lifting sanctions against Syria a 'very positive move' To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Stability hope for Syria German Foreign Minister Johann Wadephul said last week that the new Syrian leadership was being given a chance, but warned that it was expected to involve the entire population and all religious groups. Six months after the fall of the al-Assad regime, Wadephul added was important that a united Syria could take its future into its own hands. The EU is also hopeful that once the country has stabilized, hundreds of thousands of Syrian refugees in the bloc will one day be able to return home. Wednesday's decision does not affect sanctions against individuals and organizations with links to the al-Assad regime or responsibility for the violent repression of the Syrian people. Furthermore, export restrictions on weapons as well as goods and technologies used for internal repression remain in force for the time being. Edited by: Zac Crellin
Yahoo
6 days ago
- Business
- Yahoo
EU lifts economic sanctions on Syria
European Union countries on Wednesday passed legislation to lift all economic sanctions on Syria except for those based on security grounds. "This decision is simply the right thing to do, at this historic time, for the EU to genuinely support Syria's recovery and a political transition that fulfils the aspirations of all Syrians," EU top diplomat Kaja Kallas said of the move, which comes around six months after the fall of the al-Assad regime. "Today the EU reaffirms its commitment as a partner for the transition, one that helps the Syrian people to reunite and rebuild a new, inclusive, peaceful Syria," she added. To facilitate the rapid reconstruction of the war-torn country, the Syrian Central Bank and other lenders can once again access the European financial market. The move, which will take effect once published in the EU's Official Journal, carries out last week's political decision by EU foreign ministers to end the bloc's restrictive measures. German Foreign Minister Johann Wadephul said at the time that the new Syrian leadership was being given a chance, but warned that it was expected to involve the entire population and all religious groups. It was important that a united Syria could take its future into its own hands, he said. The EU also hopes that once the country has stabilized, hundreds of thousands of Syrian refugees in the bloc will one day be able to return home. For many years, Syrians have made up a large share of the refugees arriving in Europe. Wednesday's decision does not affect sanctions against individuals and organizations with links to the al-Assad regime or responsibility for the violent repression of the Syrian people. Furthermore, export restrictions on weapons as well as goods and technologies used for internal repression remain in force for the time being.
Yahoo
03-04-2025
- Business
- Yahoo
European Parliament backs delaying contested supply chain law
The European Parliament on Thursday cleared the way, as expected, for a delay to the European supply chain law. A broad majority of lawmakers in Strasbourg voted in favour of postponing the implementation of the first regulations of the controversial project by one year. Now the EU member states only need to approve the step for the amendment to be published in the EU's Official Journal. But this is seen as a formality, as EU member states last week backed the delay, following a proposal from the EU Commission. The aim of the original proposal is to enhance human rights globally by making large companies accountable for profiting from human rights violations, such as the use of child or forced labour. Business has been critical, seeing excessive regulation that would impose a large bureaucratic burden and reduce the bloc's competitiveness. Companies and conservative lawmakers have called for cutting red tape. But more liberal-leaning lawmakers have argued that it is important that corporate liability not be weakened. A delay was therefore seen as a solid compromise by most parties.
Reuters
19-02-2025
- Business
- Reuters
EU's 16th package of sanctions targets aluminium, shadow fleet
BRUSSELS, Feb 19 (Reuters) - EU envoys agreed a 16th package of sanctions on Russia on Wednesday for its full-scale invasion of Ukraine. The package is expected to be adopted by the bloc's foreign ministers on Monday to mark the third anniversary of the war. European Union diplomats said the package includes restrictions on Russian banks, measures to strengthen the G7 oil price cap, a Russian aluminium import ban and new export bans. ALUMINIUM * The package bans imports of primary Russian aluminium. The ban will come into effect one year after the legislation is published in the EU's Official Journal next week. * During the phase-in period, the EU will be able to import a limited volume of 275,000 tonnes. OIL AND GAS RESTRICTIONS * Seventy-three vessels have been added, most of them oil tankers, bringing the total to 152 ships. * Prohibition on transactions with Russian ports and airports used for the circumvention of the oil price cap and the transfer of drone and missile components. * A service ban for oil and gas refineries. * New criteria for future sanctions listings to include owners and operators of the shadow fleet, ship captains as well as support for the military. VIDEO GAMES * Countries agreed new restrictions on sales of video game consoles, and other entertainment tools like flight simulators and joysticks, which can be re-purposed as controllers for drones. * The measure will impact sales of consoles including Microsoft's Xbox, Nintendo's Switch and Sony's PlayStation. BANKS * The EU is piling pressure on Russia's regional banks for their role in sanctions circumvention. * The new package removes access to the global bank messaging network SWIFT for 13 lenders and bans transactions with three Russian banks. MANUFACTURING * The package aims to weaken Russia's manufacturing capabilities by introducing export bans on products such as chromium and chemical precursors, which are substances used to produce other chemicals. * These products are used in CNC machines, which are computer-programmed machines used in manufacturing to cut or drill. NEW LISTINGS * Fifty-three new entities will be added to a transaction ban relating to sales of high-priority goods to Russia. * Forty-eight individuals and 35 entities will be added to the general sanctions list, which includes an asset freeze and travel ban to the EU. * Broadcasting licenses for eight Russian media outlets will be suspended. DIAMONDS * The phase-in period will be extended to September of 2025 from March.
