The European Union has suspended key economic sanctions against Syria, including restrictions on energy, transport and banking sectors, KUNA reported on February 24.

The decision, approved by EU foreign ministers in Brussels, lifts restrictions on oil, gas and electricity trade while easing banking relationships between Syrian and EU financial institutions for humanitarian and reconstruction purposes. The move will also support the EU as it will allow the commencement of energy exports from Qatar through Syria to Turkey and onto Europe tackling the ongoing energy crisis due to the war in Ukraine.

In an initial move five Syrian entities have been removed from the asset freeze list: Industrial Bank, Popular Credit Bank, Syrian Airlines, Agricultural Cooperative Bank and Savings Bank.

“We will go forward with the suspension of sanctions against Syria,” the foreign policy chief Kaja Kallas said following the decision.

The measures also allow the Syrian Central Bank to access economic resources and funds.

"Today's decision aims to facilitate cooperation with Syria and its companies in vital sectors such as energy and transport, as well as enabling financial transactions for humanitarian purposes and reconstruction," the Council of the European Union said in a statement.

The easing of sanctions follows significant political changes in Syria, with the EU statement noting that "the fall of the previous regime represents a new era of hope for the Syrian people."

The bloc emphasised that all Syrians, both inside the country and in diaspora, should have the opportunity to participate in rebuilding their nation.

The Council will continue evaluating whether additional economic sanctions can be suspended while maintaining restrictions related to arms, chemical weapons, illicit drugs and cultural heritage goods.

"The EU restrictive measures were used as a tool against the previous regime, responsible for violent repression of Syrian civilians," the statement said, adding that the EU "stands with the Syrian people in this transitional moment."

Banking exemptions will facilitate transactions in the energy and transport sectors, alongside those necessary for humanitarian aid and reconstruction efforts.

The Council has also indefinitely extended the existing humanitarian exemption and lifted the ban on luxury goods exports to Syria previously targeted at Bashar al-Assad’s wife Asma who was known to purchase expensive foreign brands.

Brussels will continue monitoring the situation to ensure the suspensions remain appropriate, according to the Council statement.