As Sanctions Ease, Syria Weighs What Comes Next
International Trade attorney Tahlia Townsend was quoted in a Raseef22 article about the recent surge of refugees returning to Syria as the country's banks begin to reintegrate into the global financial system and international businesses cautiously explore opportunities in the region. President Donald Trump's decision to lift key sanctions on Syria has raised questions about its economic future and strategies of its emerging government. Ms. Townsend clarified that the U.S. Department of the Treasury's General License (GL) 25 authorizes transactions with 28 previously prohibited entities but does not remove sanctions altogether, making it easier for humanitarian organizations to accomplish their goals while not necessarily removing other systemic barriers to growth.
"The changes as a whole should allow Syrians to access markets outside of Syria for buying and selling goods and services," she explained. "Syrians outside Syria should be able to send money home more easily. Syrians who want to work remotely for companies outside Syria should be able to do that."
Ms. Townsend also expressed that although the policy change is notable, most expect a lengthy recovery because of ongoing uncertainty, export controls and widespread infrastructure damage as a result of the country's years-long civil war.
"Even if and when goods and services start to flow to and from the country, it'll take a lot of time for Syrian civilians who either have never had resources or who lost all their resources in the conflict to feel any positive effect from the trickle down. It's not going to be immediate," she said.