logo
Syria welcomes US decision to ease Assad-era sanctions as ‘positive step'

Syria welcomes US decision to ease Assad-era sanctions as ‘positive step'

Indian Express25-05-2025
Syria considers the move by the Trump administration to ease sanctions imposed on the war-torn country as a 'positive step' to ease humanitarian and economic suffering, its foreign ministry said Saturday.
In a statement, the ministry said Syria 'extends its hand' to anyone that wants to cooperate with Damascus, on the condition that there is no intervention in the country's internal affairs.
The statement came after the Trump administration granted Syria sweeping exemptions from sanctions on Friday in a major first step toward fulfilling the president's pledge to lift a half-century of penalties on a country shattered by 14 years of civil war.
Thomas Barrack , the US ambassador to Turkey who has also been appointed as special envoy for Syria, met with Syria's president and foreign minister during their visit to Turkey on Saturday, adding the President Ahmad al-Sharaa welcomed Washington's 'fast action on lifting sanctions.'
'President Trump's goal is to enable the new government to create the conditions for the Syrian people to not only survive but thrive,' Barrack said in a statement.
Barrack said he stressed that the cessation of sanctions against Syria will preserve the integrity 'of our primary objective — the enduring defeat of' the Islamic State group, also known as IS or ISIS. He added that it will give Syrians a chance for a better future.
'I also commended President al-Sharaa on taking meaningful steps towards enacting President Trump's points on foreign terrorist fighters, counter-ISIS measures, relations with Israel, and camps and detention centers in Northeast Syria,' Barrack said.
He was referring to detention centers where thousands of IS members are held and two camps where their families stay in areas currently controlled by the U.S.-backed and Kurdish-led Syrian Democratic Forces.
A measure by the State Department waived for six months a tough set of sanctions imposed by Congress in 2019. A Treasury Department action suspended enforcement of sanctions against anyone doing business with a range of Syrian individuals and entities, including Syria's central bank.
The congressional sanctions, known as the Caesar Syria Civilian Protection Act, had aimed to isolate Syria's previous rulers by effectively expelling those doing business with them from the global financial system.
They specifically block postwar reconstruction, so while they can be waived for 180 days by executive order, investors are likely to be wary of reconstruction projects when sanctions could be reinstated after six months.
The Trump administration said Friday's actions were 'just one part of a broader U.S. government effort to remove the full architecture of sanctions.' Those penalties had been imposed on the Assad family for their support of Iranian-backed militias, their chemical weapons program and abuses of civilians.
Trump said during a visit to the region earlier this month that the U.S. would roll back the heavy financial penalties in a bid to give the interim government a better chance of survival.
Damascus resident Nael Kaddah said now that the sanctions are being eased, the country will flourish again. He said Syrians will be able to transfer money freely, unlike in the past when there were several companies that monopolized the business and took large commissions on transfers.
'Now any citizen can receive a transfer from anywhere in the world,' he said.
Syria's foreign ministry said dialogue and diplomacy are the best way to build 'balanced relations that achieve the interest of the people and strengthen security and stability in the region.'
It added that the coming period in Syria will be reconstruction and restoring 'Syria's natural status' in the region and around the world.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Decoded: What are stablecoins, and why is the US regulating them?
Decoded: What are stablecoins, and why is the US regulating them?

Business Standard

time21 minutes ago

  • Business Standard

Decoded: What are stablecoins, and why is the US regulating them?

On July 18, United States (US) President Donald Trump signed the GENIUS Act—Guiding and Establishing National Innovation for US Stablecoins—introducing America's first federal framework for dollar-pegged cryptocurrencies. The act mandates full reserve backing in liquid assets, monthly audits, and stronger consumer safeguards. While signing the act into law, Trump said that it creates "a clear and simple regulatory framework to establish and unleash the immense promise of dollar-backed stablecoins". He further stated that the act "could be perhaps the greatest revolution in financial technology since the birth of the internet itself". What are stablecoins? Stablecoins are digital assets, which means they have a value attached to them and can be used for transactions. They are designed to maintain a stable value relative to a specific reference asset, like a fiat currency such as the US dollar. Unlike cryptocurrencies, which experience significant price fluctuations due to speculation and limited supply mechanisms, stablecoins intend to provide price predictability. What backs stablecoins? Stablecoins can be broadly categorised based on their collateral mechanisms. Each category presents a different method for maintaining price stability: 1. Fiat-collateralised stablecoins: These stablecoins are backed by reserves of fiat currency held in bank accounts or other arrangements. The most common examples—such as Tether (USDT) and USD Coin (USDC)—are pegged to the US dollar. For every unit of stablecoin issued, an equivalent amount in fiat currency is supposedly held in reserve. These stablecoins rely heavily on trust in the issuer and the auditing of reserve holdings. Concerns have been raised in the past regarding the transparency and adequacy of these reserves, prompting countries to explore regulatory frameworks for the same, like the GENIUS Act. 2. Crypto-collateralised stablecoins: These are backed by other cryptocurrencies, which are typically over-collateralised to account for price volatility. For example, DAI, a widely known decentralised stablecoin, is backed by Ethereum and other crypto assets held in smart contracts on the blockchain. Blockchain is a distributed digital ledger that records transactions in a secure way, allowing assets to be tracked across a network. Smart contracts are digital contracts stored on a blockchain that are automatically executed when predetermined terms and conditions are met. For example, DAI is liquidated when the value of the cryptocurrency backing it falls below a certain threshold. These are still exposed to the inherent volatility of the underlying crypto assets and may face issues during market stress. 3. Algorithmic (non-collateralised) stablecoins: Algorithmic stablecoins use mathematical formulas and incentive mechanisms to manage the coin supply and maintain a peg without relying on actual collateral. They automatically expand or contract the supply of tokens based on demand. TerraUSD (UST), which collapsed in 2022, was one such example. 4. Commodity-collateralised stablecoins: Some stablecoins are backed by physical commodities such as gold or silver. These include coins like PAX Gold (PAXG), where each coin represents ownership of a specific amount of physical gold held in reserve. Uses of stablecoins Stablecoins serve several purposes across retail, institutional, and decentralised finance sectors: Payments: Due to lower transaction fees and faster settlement times, stablecoins are increasingly used for cross-border transfers, particularly in regions with limited access to banking infrastructure. Stablecoins are also integral to decentralised finance platforms, where they serve as collateral for loans, liquidity provision, and decentralised exchanges. Hedging against volatility: Investors often convert volatile crypto holdings into stablecoins to preserve value during market downturns. Risks associated with stablecoins Despite their intended stability, stablecoins are not without risks. As their market capitalisation has grown, regulators and policymakers have raised several concerns. One of the most prominent concerns is whether stablecoin issuers actually hold sufficient, liquid, and accessible reserves to honour redemptions. Here's where legislation like the GENIUS Act steps in. It requires 100 per cent reserve backing with liquid assets like US dollars or short-term Treasuries and requires issuers to make monthly, public disclosures of the composition of reserves. According to the White House press release, "In the event of insolvency of a stablecoin issuer, the GENIUS Act prioritises stablecoin holders' claims over all other creditors, ensuring a final backstop of consumer protection". Alternatives to stablecoins As stablecoins gain popularity, several alternatives are being explored to address their risks and limitations—particularly by regulators and central banks. Central Bank Digital Currencies (CBDCs) are the most prominent alternative. Unlike stablecoins, CBDCs are issued by central banks and carry sovereign backing. They aim to offer secure, programmable digital payments without the volatility of crypto. India also has a CBDC backed by the Reserve Bank of India, known as the digital rupee or e-rupee. Tokenised deposits: These are digital versions of regular bank deposits issued on blockchain platforms, allowing instant settlement and integration with smart contracts. E-money and digital wallet balances, while not blockchain-based, are widely used. These are backed by fiat reserves and regulated under existing financial rules. As countries continue to shape regulatory frameworks and central banks explore digital alternatives, the journey ahead for stablecoins will likely depend on their ability to operate securely and transparently within the financial system.

Japan's Ishiba says he'll stay in office to tackle inflation and US tariffs despite election loss
Japan's Ishiba says he'll stay in office to tackle inflation and US tariffs despite election loss

New Indian Express

time21 minutes ago

  • New Indian Express

Japan's Ishiba says he'll stay in office to tackle inflation and US tariffs despite election loss

Trump has added to the pressure, complaining about a lack of progress in trade negotiations and the lack of sales of U.S. autos and American-grown rice to Japan despite a shortfall in domestic stocks of the grain. A 25% tariff due to take effect Aug. 1 has been another blow for Ishiba. At a news conference Monday, Ishiba said his LDP and the Komeito have agreed to stick with their coalition while seeking further cooperation from opposition parties. Ishiba resisted calls for his resignation and did not say how much longer he planned to stay on. He is sticking around for the country and the people, not for self-interest, 'to put the pressing issues on a path to a solution," he said. Voters frustrated with price increases exceeding the pace of wage hikes, especially younger people who have long felt ignored by the ruling government's focus on senior voters, rapidly turned to emerging conservative and right-wing populist parties. Established liberal to centrist parties, including the main opposition Constitutional Democratic Party of Japan, gained little ground. The Democratic Party for the People quadrupled its seats by campaigning for higher take-home pay. The right-wing Sanseito, running on a 'Japanese First' platform that puts tougher regulations on foreigners and brakes on gender and sexual diversity, surged to number three in the opposition. The LDP has lost support due to the people's discontent over the party's measures for rising prices, foreign residents and other reasons and that he will 'quickly analyze the results and learn the lesson," Ishiba said. None of the opposition parties said they want to form a full-fledged alliance with the governing coalition but are open to cooperating on policy. CDPJ leader Yoshihiko Noda told broadcaster NHK that his priority is to form an alliance among the opposition. 'Public opinion clearly said 'no' to the Ishiba government,' Noda said. Sanseito leader Sohei Kamiya told NHK late Sunday he is open to cooperating with the ruling bloc on conservative policies. While he said his party did better than expected, he would wait to gain more seats in the other house in the next election and attempt to form a multi-party coalition like in Europe. The Sanseito party's stance encouraged the spread of xenophobic rhetoric in the campaign and on social media, while also attracting people who are strugging with economic woes and looking for targets to vent their discontent and anxiety, experts say. The language triggered protests from rights activists and alarmed foreign residents.

Congress Calls Chhattisgarh-wide ‘Chakka Jam' Over ED Arrest Of Ex-CM Baghel's Son
Congress Calls Chhattisgarh-wide ‘Chakka Jam' Over ED Arrest Of Ex-CM Baghel's Son

India.com

time21 minutes ago

  • India.com

Congress Calls Chhattisgarh-wide ‘Chakka Jam' Over ED Arrest Of Ex-CM Baghel's Son

The protest, scheduled from 12 noon to 2 pm, will see road blockades across district headquarters, with major highways and commercial intersections targeted for disruption. Senior Congress leaders, including Deepak Baij, Charandas Mahant, TS Singhdeo, and Bhupesh Baghel himself, are expected to lead the agitation. In Raipur, the National Highway near VIP Chowk and Magneto Mall will be blocked, while Dharsiwa will witness a large-scale mobilisation by rural Congress workers. The party has framed the protest as a response to what it calls politically motivated misuse of central agencies to intimidate opposition voices. The ED arrested Chaitanya Baghel on July 18 under the Prevention of Money Laundering Act, citing his alleged involvement in a liquor scam that reportedly operated between 2019 and 2022. According to the agency, the scam caused a loss of over Rs 2500 crore to the state exchequer. Investigators claim Baghel received Rs 16.70 crore in proceeds of crime, which were funnelled through his real estate ventures. The ED also alleges that Baghel colluded with businessman Trilok Singh Dhillon to disguise illicit funds as legitimate property transactions, including Rs 5 crore routed through flat purchases in the Vitthalpuram Project. Further, the ED has traced over Rs 1000 crore in suspect transactions linked to Baghel and his associates, including coordination with liquor syndicate figures and alleged transfers to the then treasurer of the Chhattisgarh Pradesh Congress Committee. The agency has already arrested several individuals in connection with the case, including former IAS officer Anil Tuteja and former Excise Minister Kawasi Lakhma. Congress leaders have dismissed the charges as part of a broader campaign to dismantle the party's leadership in the state and divert attention from resource exploitation issues. Bhupesh Baghel has publicly accused the BJP-led central government of orchestrating the arrest to suppress dissent over environmental concerns. As the ED continues its investigation, the Congress's chakka jam is expected to test both public sentiment and political fault lines in a state already simmering with tension.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store