On the eve of the Syrian conflict, half a dozen Western oil companies were active in Syria. Among these, Royal Dutch Shell and Total E&P, were the major players. However, the country’s descent into chaos and the subsequent imposition of Western sanctions on the oil sector led to the freezing of their activities. By the end of 2012, all Western companies had suspended their operations in Syria, declaring force majeure and freezing their assets.
The E.U. is suing Syria over its failure to repay decades-old loans from the European Investment Bank.
Syria recently announced plans to apply for membership in the BRICS economic bloc in hopes that its entry would lessen its dependence on the U.S. dollar, facilitate investments in the country, and allow it to bypass sanctions.
Donor countries pledged EUR 5.6 billion in grants for the Syrian humanitarian aid programmes.
On May 15, donor countries will meet in Brussels to raise money for the two large aid programmes that seek to mitigate the impact of Syria’s political and economic crises.
The platform brings together CSOs from a range of sectors and geographical areas, including many that handle large annual budgets.