Syria foreign currency reserves halve amid sanctionsApril 17, 2012 - 17:52 AMT PanARMENIAN.Net - Western sanctions on Syria have almost halved its foreign currency reserves and reduced oil production by 30 percent, costing Bashar al-Assad's government 400 million euros ($520 million) a month in revenue, French diplomatic sources said, according to Reuters. Officials from almost sixty countries, including the European Union and the Arab League, meet in Paris on Tuesday, April 17 to discuss the efficiency of sanctions imposed on Syria to raise pressure on Assad to comply with a U.N.-backed peace plan. Foreign reserves were estimated at $17 billion before the unrest broke out more than a year ago. The European Union and United States have led the response to Syria's violence with a broad range of sanctions, which include a ban on Syrian oil imports to Europe and measures against the Syrian central bank. Prior to EU sanctions Damascus sold 90 percent of its oil to Europe and with that market closed Syrian production has now fallen 30 percent. Sources estimate lost revenues at about 400 million euros a month, or a total $2 billion since November. The Arab League has also slapped sanctions on Syrian VIPs, and recommended stopping commercial and passenger flights to and from Syria. However, unlike the EU, which imposes sanctions collectively, the Arab League imposes them individually and some states have been reticent in applying them. Iraq and Lebanon, neighbours of Syria which have sensitive sectarian, strategic and trade relationships with Damascus, have declined to join the League's sanctions campaign. Jordan is also concerned sanctions will hurt its economy. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenia, Russia discuss life extension of Metsamor nuclear plant Issues regarding the extension of life of the 2nd power unit of the Armenian Nuclear Power Plant were discussed in Yerevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |