Syria approves over 40 new trade agreements with Russia

Syria approves over 40 new trade agreements with Russia
2 min read
13 December, 2020
Syria's Assad regime has approved dozens of projects with Russia under a new economic pact expected to be ratified before the end of the year.
The agreements include projects in energy, reconstruction of power stations and offshore oil extraction. [Getty]
The regime of Syrian President Bashar Al-Assad has reportedly approved a new set of bilateral agreements with Russia to expand economic ties between the allied countries.

Proposed in Damascus last September by Russian Deputy Prime Minister Yuri Borisov, the agreements include over 40 projects in various sectors – including energy, reconstruction of power stations and offshore oil extraction.

According to the bilateral agreement, Damascus and Moscow will barter trade fruits and vegetables in exchange for wheat and oil.

At the time, Borisov said the agreement would "outline a new framework for trade and economic ties between the two countries for the coming years" while providing relief from US sanctions, which he said were "strangling" the Syrian people.

After receiving the green light from Syria's regime, the agreements are expected to be ratified during the meeting of the joint bilateral committee to be held later this month, Al-Khaleej Al-Jadeed reported on Sunday.

Syria faces an unprecedented economic crisis after nine years of civil war and more recent western sanctions.

Read also: Syria Insight: Russia's intervention five years on (Part 1)

Syria's Assad regime has received military, political and economic support from Russia since Moscow's intervention in 2015.

In return for its support, which helped Assad crush armed rebellion against him, Russia has acquired energy deals and oil exploration contracts in Syria.

Last week, the Ministry of Economy and Foreign Trade was cited by local media saying the country had a trade deficit of 5 billion euros in the past year.

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