Phosphate News

During his first visit to India as a minister, Minister of Foreign Affairs Faisal Mekdad met with high-level Indian officials to discuss strengthening bilateral relations and the status of a credit line that India extended to Syria before the conflict. 
Syrian and Russian officials recently discussed joint energy projects at two events in Moscow and Damascus. Though little new information was revealed about the status of these projects, both officials acknowledged that they face difficulties.
Kiev has announced that it will cut political and economic ties with Damascus after the latter recognised Luhansk (also spelt Lugansk) and Donetsk, two Russian-backed breakaway republics in eastern Ukraine. Kiev’s decision, which includes a trade embargo, will further deteriorate relations between the two countries and impact Syria’s trade-related foreign currency inflows. 
Iran’s crude oil exports to Syria have remained stable for the first quarter of the year compared with the last quarter of 2021, according to an independent online service that tracks global shipments of crude oil, especially those of Iranian origin. However, government officials have indicated that Syria has received a larger amount than what was reported.
Although international negotiations remain ongoing in hopes of avoiding a Russian-Ukrainian confrontation, Syria may not be spared of the potential consequences of a larger conflict, including the disruption of trade in the Black Sea basin, halting or reducing Syria’s trade with both Ukraine and Russia and leading to a global rise in food and oil prices that would also impact the Syrian economy. The overall fallout on the Syrian economy should be relatively limited though.
Iran’s non-oil trade with Syria in the first 9 months of the Iranian calendar year (March-December 2021) increased by 85 percent compared with the same period in 2020, according to Iran’s Chamber of Commerce, Industries, Mines, and Agriculture. Trade between the two countries is likely to be higher than the reported figures if oil exports to Syria were included, as well as Iranian trade through the United Arab Emirates.
After over twenty years of negotiations, the Iranian government has announced that work on a multi-million dollar railway connection from the Iranian town of Shalamcheh to Iraq’s Basra is set to begin within two months. The link is part of a more significant railway project to connect Iran's Imam Khomeini Port with Syria’s Lattakia Port, the country’s main commercial port.