Search
  Middle East Tool: Save | Print | E-mail   
Allies help Syria withstand economic hardship
Last Updated(Beijing Time):2012-02-16 16:58

Economic coercion is increasing on Syria by Arab and Western countries as a new tactic aimed at speeding up the downfall of the Syrian regime. Yet, the country's few friends and allies have helped it withstand the overwhelming measures over the past 11 months.

The United States, the European Union and most of Arab countries have levied economic sanctions on Syria for its allegedly violent crackdown on protesters. The sanctions targeted numerous sectors ranging from banking to oil. Threats to introduce more penalties to further tighten the financial noose around Damascus and squeeze its staggering economy lie ahead.

The firmness of the Syrian economy, which is groaning under the weight of the sanctions, has surprised and confused most of Syria' s foes and inspired admiration among others.

Observers believe that some regional countries have robustly assisted Syria to stand up to economic pressures more likely to protect their own interests.

Recently leaked document said Iran has allocated 1 billion U.S. dollars to import Syrian commodities to help Syria to overcome oil and banking penalties. Iran also offered to export all equipment and raw materials the Syrian market might need.

The U.S. Finance Department said recently that it has reliable information that Iran is buying Syrian oil and then export it through its ports to world market, as part of its endeavors to break the oil embargo imposed on Syria's oil sales.

It said Iran was able to move 91 tons of oil, equivalent to 650, 000 barrels, of the Syrian port of Banias to the Iranian port of Dilem from Nov. 28 until the end of December 2011.

It stressed that Iran is backing the Syrian regime with all its financial and military potentials.

Iraq, likely under pressure from Iran, provides an economic corridor for the sanctions-hit Syria and has recently announced the opening of its borders before all Syrian products that continue to flow into Iraqi markets. Iraq has also continued its oil exports to Syria.

Following the collapse of the former Iraqi regime, Syria's ties with its eastern neighbor have remarkably improved. Iraq ranked number one among Arab countries that import Syrian goods.

Lebanon, a close ally of Syria, has also rejected the Arab League's (AL) calls to impose sanctions on Syria and said overtly it won't abide by them as the two countries' relations are intricately integrated.

Syria imports nearly four percent of its goods from Lebanon.

Jordanian officials have also voiced rejection to abide by the AL's sanctions, contending that the sanctions would backfire on the Jordanian people rather than the Syrians as Syria is a conduit for Jordanian goods destined for Gulf and European countries.

Although the government is still striving to weather the storm, the Syrians have started feeling the heat of the crisis and wondered how long it can stand up to those crushing pressures.

Even the moneyed classes that supposedly supported the regime at the beginning of the crisis have started complaining as their businesses have dramatically sapped.

Ordinary Syrians are mostly affected by the sanctions, and have lost almost half of their savings' value due to the depreciation of the Syrian pound that has dropped 50 percent, from 47 against one dollar to 71 against one dollar on the black market.

This has sparked a rise in most of goods and put more hardship on people's budgets.

Source: 
Tool: Save | Print | E-mail  

Photo Gallery--China Economic Net
Photo Gallery
Edition:
Link:    
About CE.cn | About the Economic Daily | Contact us
Copyright 2003-2024 China Economic Net. All right reserved