From siege to relief? What does lifting sanctions on Syria mean 🇸🇾
In a speech delivered from the Saudi capital Riyadh, former US President Donald Trump announced his country's intention to ease the sanctions imposed on Syria. But what are these sanctions? And how have they actually affected the lives of the Syrian citizen? ⚖️
The most important sanctions imposed by Washington on Damascus:
1. Freezing financial transactions 💸
Syria has been almost completely isolated from the global financial system, making banking transfers and international trade more difficult.
2. Prohibition of American investments 🏗️
American companies have been deprived of investing in vital sectors within Syria, primarily the energy and reconstruction sectors.
3. Trade embargo 📵
The export of many equipment and technologies has been banned, especially those related to communications and the technical field.
Economic repercussions on the ground:
Suffocating financial isolation of Syrian banks 🏦
Sharp decline in the value of the Syrian pound 💱
Exodus of foreign investors 🚫
Difficulty in providing new job opportunities 👷
Significant stagnation in domestic economic activity 📉
What if the sanctions are lifted?
The potential scenario looks brighter: ☀️
Return of financial transfers: Significant support for families and small projects ✉️
New foreign investments: which means job opportunities and market stimulation 📈
Stimulating the national economy: influx of liquidity and increased purchasing power of citizens 🛍️
Support for entrepreneurs: especially in the fields of agriculture and technology 🌱💻
Lifting sanctions may not be the magic wand to solve all crises, but it could be the beginning of a path towards economic and living recovery for the Syrian citizen. ✨
Source: CNN & France 24
