Economic Essay Example | Topics and Well Written Essays - 500 words - 6

Economic - Essay Example The Assad regime, as well as the rebel forces, violated an otherwise, failed UN - backed cease-fire, led by the former Secretary-General of the United Nations, Koffi Anan, in late October. The fighting has heightened in neighbouring Lebanon, home to Iran-backed Hezbollah, and prompted cross-border shelling between Syria and Turkey. The unrest also proved to be an attraction for global jihadists like the al-Qaeda-linked groups, fighting for the formation of an Islamist state (Landis 75). Following the Syrian civil war, the Arab League acted swiftly and immediately suspended Syrian membership to the organization, In addition, the league imposed imposed stringent economic embargos in November 2011(Masters). Despite the lack of support from Syria’s friendly nations like Russia, the sanctions have had a noticeable economic impact. The European Union sanctions have also served to redefine partnerships with other powers, both globally and in the Middle East. The EU, supported by the US sanctions, initially asked Al-Assad to negotiate with the opposition to cease repression, and  leave office as from August 2011 (Balfour). The sanctions against Syria are unprecedented since they accumulated the whole set in just a few months. Some of the notable sanctions entail an energy embargo. Prior to the embargo, the EU’s import of Syrian crude was worth over â‚ ¬3 billion a year, mostly to Italy and Germany. The economic sanctions have had a significant impact on the Syrian economy. Oil is the mainstay of the Syrian economy, and the Western ban has exacted a heavy toll on the country. In view of these developments, Sufian Allaw, the Wyrian oil minister, indicated that the imposed restrictions cost the country about $4 billion (â€Å"Syria Says†). The United States also placed a range of sanctions on Syria that prevent aid and restrict bilateral trade. Before the