Latest news with #SyriaAccountabilityAct
Shafaq News
18-05-2025
- Business
- Shafaq News
Trump's Syria sanctions shift jolts pound, leaves prices soaring
Shafaq News/ President Donald Trump's announcement to suspend US sanctions on Syria sparked swift gains in the local currency, yet failed to ease daily economic pressures for ordinary Syrians. The Syrian pound surged over 40% immediately after Trump's speech in Riyadh last Tuesday, according to Damascus-based exchange office owner Samir al-Subhi. He told Shafaq News that the dollar dropped from 12,000 to nearly 8,000 Syrian pounds, driven by 'market optimism and psychological relief,' despite the lack of an official implementation mechanism. Al-Subhi said the financial sector would be the first to benefit if sanctions are formally lifted, particularly banking and remittance channels. However, the pound has since slid back above 10,000 per dollar due to the absence of actionable US policy, though it remains about 20% stronger than pre-announcement levels. He added that lifting sanctions could unlock remittance flows directly into Syrian banks and attract investment into reconstruction and infrastructure — if supported by complementary local policy. Disconnect Between Currency and Living Cost Despite temporary improvements in the exchange rate, prices for food, clothing, medicine, fuel, and transport remain high across Damascus. Civil servant Salwa al-Sayyed told Shafaq News that salary hikes promised by the government — reportedly up to 400% — have not materialized, and some workers have gone months without pay. Business owners attribute inflation to import dependency and the high cost of production, including power outages, taxes, and lack of state support. 'Even if sanctions are lifted, without serious local reforms we won't feel the impact,' said Hussam al-Halabi, who runs a small food packaging facility. Uncertainty Over Trump's Announcement Syrian economist Karam al-Shaar cautioned that Trump's use of terms like 'suspend' or 'freeze' rather than 'lift' leaves the actual policy direction unclear. 'There are rumors of conditions Damascus must meet — the details are still missing,' he said. Sanctions Legacy Spanning Decades US sanctions on Syria began in 1979, intensified in 2005 under the Syria Accountability Act, and were significantly expanded after 2011. The most sweeping measures came in 2019 through the Caesar Act, named after a defector who smuggled out graphic evidence of torture in Syrian prisons. The legislation blocked trade, investment, and reconstruction, further isolating Syria's economy.
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First Post
15-05-2025
- Politics
- First Post
‘No longer a pariah': How Syria will benefit from Trump's decision to lift sanctions
Donald Trump has made the historic announcement of lifting years-long sanctions on Syria during his West Asia visit. This move could bring major changes to the lives of the people residing in the war-torn country. Here's how read more Interim Syrian President Ahmad al-Sharaa shakes hands with US President Donald Trump in Riyadh, Saudi Arabia in the presence of Saudi Crown Prince Mohammed bin Salman. AP As Donald Trump continues his West Asia visit, the country of Syria broke out in celebrations as the US president announced plans to lift crippling sanctions on Syria, marking a major policy shift by Washington after 14 years of civil war. The country has been isolated by the United States and European Union sanctions over the conflict, a 1979 designation as a state sponsor of terrorism and close ties between Damascus and Iran. STORY CONTINUES BELOW THIS AD Reacting to the announcement, Syrian interim President Ahmed al-Sharaa said Trump's move 'was a historic and courageous decision, which alleviates the suffering of the people, contributes to their rebirth and lays the foundations for stability in the region'. HUGE NEWS.#Trump confirms in #Saudi that he will "order" the "cessation" of sanctions on #Syria "to give them a chance at greatness." He receives a standing ovation from the entire ballroom. — Charles Lister (@Charles_Lister) May 13, 2025 'Syrians, the road before us is still long. Today we begin the real work, with which modern Syria will be reborn,' Sharaa added. Soon after Trump's announcement , social media was flooded with videos from Damascus, showing hundreds of men, women, and children gathered at Umayyad Square, with music blasting in the background. While some people were seen dancing and waving Syrian flags, others drove by in their cars, with an anticipation of a better life palpable in their celebrations. STORY CONTINUES BELOW THIS AD But what will be the true impact of lifting these sanctions? What have been the US sanctions on Syria? Washington has imposed three sanctions programmes on Syria. In 1979, the country was designated a 'state sponsor of terrorism' because its military was involved in neighbouring Lebanon's civil war and had backed armed groups there, and eventually developed strong ties with the powerful Hezbollah group. In 2003, then-President George W Bush signed the Syria Accountability Act into law, as his administration faced off with Iran and Tehran-backed governments and groups in the Mideast. The legislation focused heavily on Syria's support of designated terror groups, its military presence in Lebanon, its alleged development of weapons of mass destruction, as well as oil smuggling and the backing of armed groups in Iraq after the US-led invasion. In 2019, during Trump's first term, he signed the Caesar Act, sanctioning Syrian troops and others responsible for atrocities committed during the civil war. Caesar is the code name for a Syrian photographer who took thousands of photographs of victims of torture and other abuses and smuggled them out of the country. The images, taken between 2011 and 2013, were turned over to human rights advocates, exposing the scale of the Syrian government's brutal crackdown on political opponents and dissidents during countrywide protests. STORY CONTINUES BELOW THIS AD Syrians line up to retrieve money from an ATM in Damascus, Syria. have touched every part of the Syrian economy and everyday life in the country. AP What has been the impact of US sanctions on Syria? The sanctions — along with similar measures by other countries — have touched every part of the Syrian economy and everyday life in the country. They have led to shortages of goods from fuel to medicine, and made it difficult for humanitarian agencies responding to receive funding and operate fully. Companies around the world struggle to export to Syria, and Syrians struggle to import goods of any kind because nearly all financial transactions with the country are banned. That has led to a blossoming black market of smuggled goods. Simple tasks like updating smartphones are difficult, if not impossible, and many people resort to virtual private networks, or VPNs, which mask online activity, to access the internet because many websites block users with Syrian IP addresses. The impact was especially stark after a devastating 7.8 magnitude earthquake hit Turkey and northern Syria in February 2023, compounding the destruction and misery that the war had already brought. Though the US Treasury issued a six-month exemption on all financial transactions related to disaster relief, the measures had limited effect since banks and companies were nervous to take the risk, a phenomenon known as over-compliance. STORY CONTINUES BELOW THIS AD Interim Syrian President Ahmad al-Sharaa — who led the insurgency that ousted President Bashar Assad — has argued the sanctions have outlived their purpose and are now only harming the Syrian people and ultimately preventing the country from any prospect of recovery. Trump and al-Sharaa met Wednesday. Washington eased some restrictions temporarily in January but did not lift the sanctions. Britain and the European Union have eased some of their measures. A girl holds a Saudi flag in Homs, Syria, as she celebrates US President Donald Trump's plan to ease sanctions on Syria and normalise relations with its new government. AP What would lifting the sanctions mean for Syria? After Trump's announcement, Syria's currency gained 60 per cent on Tuesday night — a signal of how transformational the removal of sanctions could be. Still, it will take time to see any tangible impact on Syria's economy, experts say, but removing all three sanctions regimes could bring major changes to the lives of Syrians, given how all-encompassing the measures are. It could mean banks could return to the international financial system or car repair shops could import spare parts from abroad. If the economy improves and reconstruction projects take off, many Syrian refugees who live in crowded tented encampments relying on aid to survive could decide to return home. STORY CONTINUES BELOW THIS AD 'If the situation stabilised and there were reforms, we will then see Syrians returning to their country if they were given opportunities as we expect,' Lebanese economist Mounis Younes told the Associated Press. The easing of sanctions also has an important symbolic weight because it would signal that Syria is no longer a pariah, said Shaar. Mathieu Rouquette, Mercy Corps' country director for Syria, said the move 'marks a potentially transformative moment for millions of Syrians who have endured more than 13 years of economic hardship, conflict, and displacement.' But it all depends on how Washington goes about it. 'Unless enough layers of sanctions are peeled off, you cannot expect the positive impacts on Syria to start to appear,' said Shaar. 'Even if you remove some of the top ones, the impact economically would still be nonexistent.' With inputs from Associated Press
Nahar Net
15-05-2025
- Politics
- Nahar Net
Will lifting of Syria sanctions push refugees in Lebanon to return home?
by Naharnet Newsdesk 15 May 2025, 12:43 U.S. President Donald Trump's announcement that the U.S. will ease sanctions on Syria could eventually facilitate the country's recovery from years of civil war and transform the lives of everyday Syrians. But experts say it will take time, and the process for lifting the sanctions — some of which were first introduced 47 years ago — is unclear. "I think people view sanctions as a switch that you turn on and off," said Karam Shaar, a Syrian economist who runs the consultancy firm Karam Shaar Advisory Limited. "Far from it." Still, the move could bring much-needed investment to the country, which is emerging from decades of autocratic rule by the Assad family as well as the war. It needs tens of billions of dollars to restore its battered infrastructure and pull an estimated 90% of population out of poverty. And Trump's pledge has already had an effect: Syrians celebrated in streets across the country, and Arab leaders in neighboring nations that host millions of refugees who fled Syria's war praised the announcement. - What are the US sanctions on Syria? - Washington has imposed three sanctions programs on Syria. In 1979, the country was designated a "state sponsor of terrorism" because its military was involved in neighboring Lebanon's civil war and had backed armed groups there, and eventually developed strong ties with the powerful Hezbollah. In 2003, then-President George W. Bush signed the Syria Accountability Act into law, as his administration faced off with Iran and Tehran-backed governments and groups in the Mideast. The legislation focused heavily on Syria's support of designated "terror" groups, its military presence in Lebanon, its alleged development of weapons of mass destruction, as well as oil smuggling and the backing of armed groups in Iraq after the U.S.-led invasion. In 2019, during Trump's first term, he signed the Caesar Act, sanctioning Syrian troops and others responsible for atrocities committed during the civil war. Caesar is the code name for a Syrian photographer who took thousands of photographs of victims of torture and other abuses and smuggled them out of the country. The images, taken between 2011 and 2013, were turned over to human rights advocates, exposing the scale of the Syrian government's brutal crackdown on political opponents and dissidents during countrywide protests. - What has been the impact of U.S. sanctions on Syria? - The sanctions — along with similar measures by other countries — have touched every part of the Syrian economy and everyday life in the country. They have led to shortages of goods from fuel to medicine, and made it difficult for humanitarian agencies responding to receive funding and operate fully. Companies around the world struggle to export to Syria, and Syrians struggle to import goods of any kind because nearly all financial transactions with the country are banned. That has led to a blossoming black market of smuggled goods. Simple tasks like updating smartphones are difficult, if not impossible, and many people resort to virtual private networks, or VPNs, which mask online activity, to access the internet because many websites block users with Syrian IP addresses. The impact was especially stark after a devastating 7.8 magnitude earthquake hit Turkey and northern Syria in February 2023, compounding the destruction and misery that the war had already brought. Though the U.S. Treasury issued a six-month exemption on all financial transactions related to disaster relief, the measures had limited effect since banks and companies were nervous to take the risk, a phenomenon known as over-compliance. Interim Syrian President Ahmad al-Sharaa — who led the insurgency that ousted President Bashar Assad — has argued the sanctions have outlived their purpose and are now only harming the Syrian people and ultimately preventing the country from any prospect of recovery. Trump and al-Sharaa met Wednesday. Washington eased some restrictions temporarily in January but did not lift the sanctions. Britain and the European Union have eased some of their measures. - What could lifting the sanctions mean for Syria? - After Trump's announcement, Syria's currency gained 60% on Tuesday night — a signal of how transformational the removal of sanctions could be. Still, it will take time to see any tangible impact on Syria's economy, experts say, but removing all three sanctions regimes could bring major changes to the lives of Syrians, given how all-encompassing the measures are. It could mean banks could return to the international financial system or car repair shops could import spare parts from abroad. If the economy improves and reconstruction projects take off, many Syrian refugees who live in crowded tented encampments relying on aid to survive could decide to return home. "If the situation stabilized and there were reforms, we will then see Syrians returning to their country if they were given opportunities as we expect," says Lebanese economist Mounir Younes. The easing of sanctions also has an important symbolic weight because it would signal that Syria is no longer a pariah, said Shaar. Mathieu Rouquette, Mercy Corps' country director for Syria, said the move "marks a potentially transformative moment for millions of Syrians who have endured more than 13 years of economic hardship, conflict, and displacement." But it all depends on how Washington goes about it. "Unless enough layers of sanctions are peeled off, you cannot expect the positive impacts on Syria to start to appear," said Shaar. "Even if you remove some of the top ones, the impact economically would still be nonexistent."
NDTV
15-05-2025
- Politics
- NDTV
Watch: Syrians Celebrate After Trump Announces Lifting Of US Sanctions
Damascus: US President Donald Trump's announcement from Saudi Arabia about the United States easing wide-ranging sanctions on Syria sparked festivities in the capital, Damascus, as Syrians hoped for relief after years of impoverishment by civil war and restrictions. Syrian interim President Ahmed al-Sharaa welcomed Trump's "courageous" move and said now his government can "begin the real work, with which modern Syria will be reborn." Speaking in a television address, al-Sharaa said the American Presidnet's decision "was a historic and courageous decision, which alleviates the suffering of the people, contributes to their rebirth and lays the foundations for stability in the region". The sanctions were widely seen as a major obstacle to Syria's economic recovery and post-war reconstruction, and their lifting can bring much-needed investment to the country emerging from decades of autocratic rule by the Assad family, as well as the war, which left an estimated 90 per cent of its population in poverty. After the announcement, videos from Damascus emerged on social media, showing hundreds of men, women, and children gathered at Umayyad Square, with music blasting in the background. While some people were seen dancing and waving Syrian flags, others drove by in their cars, with an anticipation of a better life palpable in their celebrations. #Watch | Syrians Celebrate After Trump Announces Lifting Of US Sanctions Read more: — NDTV WORLD (@NDTVWORLD) May 15, 2025 "Now, we are not going to have any excuse by the government that there are sanctions that prevent doing this or that," Jihad Yazigi, founder and editor of the Syria Report, told the Washington Post. Hazem al-Loda, 31, a taxi driver who worked long hours to put food on the table, said that though US sanctions were meant to target the Assad regime, it was people who suffered the most. "The government didn't suffer. The rich found ways around it. We saw their fancy cars driving the streets in front of us, while we couldn't afford anything made after 2011," he told the Post. Sanctions On Syria And Trump's Announcement The US has imposed three sanctions programs on Syria. In 1979, the country was designated a "state sponsor of terrorism" because its military was sound of being involved in neighbouring Lebanon's civil war and had backed armed groups there. In 2003, then-President George W Bush signed the Syria Accountability Act into law, which focused heavily on Syria's support of designated terror groups, its military presence in Lebanon, its alleged development of weapons of mass destruction, as well as oil smuggling and the backing of armed groups in Iraq after the US-led invasion. In 2019, during Trump's first term, he signed the Caesar Act, sanctioning Syrian troops and others responsible for atrocities committed during the civil war that started in 2011 and left more than half a million dead, displaced millions. Coupled with similar measures by other countries, the sanctions have touched every part of the Syrian economy and everyday life in the country. They have led to shortages of goods from fuel to medicine, and made it difficult for humanitarian agencies responding to receive funding and operate fully. Companies around the world struggle to export to Syria, and Syrians struggle to import goods of any kind because nearly all financial transactions with the country are banned. That has led to a blossoming black market of smuggled goods. During his Riyadh visit this week, Trump offered to lift sanctions on Syria, mostly imposed during the repressive rule of ousted president Bashar al-Assad. The move comes as a major boost to the war-ravaged country, still getting to grips with Sharaa's December toppling of Assad. Trump however gave no indication that the United States would remove Syria from its blacklist of state sponsors of terrorism -- a designation dating back to 1979 over support to Palestinian militants that severely impedes investment. What Lifting Of Sanctions Mean For Syria? After Trump's announcement, Syria's currency gained 60 per cent on Tuesday night - a signal of how transformational the removal of sanctions could be. Still, experts believe it will take time to see any tangible impact on Syria's economy. Per an Associated Press report, removal of all three sanctions could mean banks could return to the international financial system or car repair shops could import spare parts from abroad. If the economy improves and reconstruction projects take off, many Syrian refugees who live in crowded tented encampments relying on aid to survive, could decide to return home. "If the situation stabilised and there were reforms, we would then see Syrians returning to their country if they were given opportunities, as we expect," Lebanese economist Mounis Younes told AP. The easing of sanctions also has an important symbolic weight because it would signal that Syria is no longer a pariah, said President al-Shaar. "Unless enough layers of sanctions are peeled off, you cannot expect the positive impacts on Syria to start to appear," said al-Shaar. "Even if you remove some of the top ones, the impact economically would still be nonexistent."
Shafaq News
15-05-2025
- Business
- Shafaq News
US policy shift: Trump ends 45-year sanctions on Syria
Shafaq News/ In a sweeping reversal of long-standing US policy, US President Donald Trump has announced the lifting of sanctions on Syria, ending nearly 45 years of economic restrictions. The move followed a high-level meeting in Riyadh with Syrian transitional President Ahmad al-Sharaa and Saudi Crown Prince Mohammed bin Salman. Trump framed the decision as a milestone for Syria's future, calling al-Sharaa 'a strong leader capable of guiding the country into a new era.' US sanctions on Syria date back to 1979, when the country was first labeled a 'state sponsor of terrorism.' Over the decades, measures expanded significantly, most notably under the 2004 Syria Accountability Act and again after the 2011 civil war. Sanctions then targeted former President Bashar al-Assad, his family, and key sectors of the Syrian economy. The most stringent measures were reportedly introduced in 2020 with the Caesar Syria Civilian Protection Act, which barred US support for reconstruction efforts and imposed heavy penalties on entities doing business with the al-Assad regime. It extended to former First Lady Asma al-Assad, freezing assets and effectively discouraging global investment. While humanitarian carveouts existed, the cumulative impact of the sanctions decimated Syria's economy, restricting access to vital goods and halting infrastructure recovery. According to legal analysts, US sanctions fall into two categories: executive orders, which the president can revoke, and legislative measures, such as the Caesar Act, that require Congressional approval to amend or repeal. Thus, Trump's recent move lifts executive-level restrictions; the future of legislated sanctions remains in the hands of lawmakers. This shift in policy follows the December 2024 collapse of the al-Assad regime and the formation of a transitional government, which has pushed for sanctions relief as a foundation for rebuilding. Economists and regional experts have largely welcomed the move. 'Sanctions relief will unlock access to essential imports—from medical equipment to construction materials,' one analyst noted. 'It also opens the door for foreign investment and the restoration of basic services like healthcare, education, and transportation.' The US step comes amid broader regional realignments, with Gulf states and international actors recalibrating their stance on Syria after years of conflict and isolation.
