In Syria, optimism abounds. The unexpected decision by United States President Donald Trump to lift sanctions on the country, announced in Riyadh on Tuesday, is a relief for Syrians. They hope that the move will reintegrate Syria into the global economy, and bring much-needed investment into a country trying to recover from more than 50 years of dynastic family rule, as well as a nearly 14-year-long war.
The impact of Trump’s statement, which he said would give Syria “a chance at greatness” after the December overthrow of Bashar al-Assad, had an almost immediate effect, as the Syrian pound strengthened against the US dollar by about 25 percent, in a boost to a country suffering through economic hardship.
“Lifting sanctions on Syria represents a fundamental turning point,” Ibrahim Nafi Qushji, an economist and banking expert, told media. “The Syrian economy will transition from interacting with developing economies to integrating with more developed ones, potentially significantly reshaping trade and investment relations.”
While the announcement will likely lead to some imminent progress, there are still some stumbling blocks to the sanctions removal, analysts and experts told media.
US sanctions on Syria date back to 1979, when the country was under the iron grip of President Hafez al-Assad – Bashar’s father – and designated a “state sponsor of terrorism”. In the intervening years, additional sanctions were placed on the state and individuals associated with both the regime and the opposition, including current President Ahmed al-Sharaa – a result of his former association with al-Qaeda.
“There’s an entire building of a complex gamut of sanctions,” Vittorio Maresca di Serracapriola, sanctions lead analyst for Karam Shaar Advisory Limited, a consulting company with a focus on the political economy of the Middle East, told media.
Analysts said that Trump could remove certain sanctions through executive order, while some “foreign terrorist organisation” (FTO) designations could be removed by US Secretary of State Marco Rubio. But other sanctions may be more complicated to end.
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