Economic sanctions against Syria may take threatening form

Turkey has announced the expansion of its sanctions against Syria if it does not stop the violence.

Turkey is preparing to extend sanctions against Syria, both economic and diplomatic, Turkey's presidential adviser on the Middle East, Hurmyuzlyu Ershad told Trend. However, he did not mention exactly which industry will embrace the sanctions, saying that the issue of
sanctions is at the level of preparation and it is not possible to say anything concrete yet.

Most likely, the sanctions will be more extensive and severe this time.

The sanctions imposed earlier by Turkey against Syria in order to achieve social and political changes in the country have not yet yielded positive political results - fighting continues in Syria.

However, economic sanctions are undermining the economy of Syria. Currently all economic relations between Turkey and the Syrian government and the banks of the country are terminated, there is no air and transport links. Credit agreements are frozen, joint
investment projects are stopped, commercial affairs idle, commercial relations were reduced. Unemployment and poverty has increased in the country as a complication of relations between the countries has reduced the number of Syrian migrant workers in Turkey, and banking restrictions have led to problems with remittances from Syrians working in Turkey. Turkish company TPAO has abandoned the plans of oil exploration works in Syria.

Economic losses from the Turkish sanctions worsen by the fact that Syria, in addition is subject to economic sanctions of the U.S., the EU and the League of Arab States (LAS). Syria has lost $4 billion due to international sanctions at the moment.

Syrian Finance Minister Mohammed al-Dzhleylati calls the current economic situation in the country a direct result of a conspiracy against Syria and the international pressure that has a very negative impact on the Syrian economy. While at the same time, the Minister said the crisis has forced to do what the authorities have long been planned, but did not, looking back on the unpopularity of such measures among the population. In particular, monetary and financial authorities in Syria introduced an effective course of monetary and fiscal policy. They managed to avoid almost price increase; however, the rate of Syrian lyre has fallen more than one and a half times.

The minister said Syria has relied on their own capabilities and not on someone else's financial assistance, whether friendly or unfriendly countries.

"We don't any financial assistance or oil help. About 70 percent need of Syria in petroleum products are covered through the refineries of the country, the remaining 30 percent we import from other countries, excluding European countries, of which we have imported only a few types of petroleum products," Mohammed al-Dzhleylati said. Turkey has a mild sanction compared to the sanctions from other countries, grazing, primarily, the interests of the current government than the country. After all, it is a neighboring country, which has
historically had close friendly relations, political and economic cooperation and visa-free regime.

But now Turkey has decided to act more decisively for the suspension of violence and bloodshed in the country, and perhaps it will be done through economic sanctions. "Potential" of economic sanctions of Turkey is not exhausted, and may show itself in creating a buffer zone on the border, cut off the energy, water supply, a complete cessation of trade relations, the introduction of visa regime. Until now, these "nerve point" wasn't touched.

But as a rule, the sanction has the flip side, when they harm the country which introduces them, as this country is losing export markets or suppliers. The discomfort of these relations is already being felt in the business environment of Turkey, the losses of companies are counted in millions. Ankara knows about it, considering, however, that if it help to establish democracy in Syria, then the game is worth the candle.


Ellada Khankishiyeva /Trend/