Sanctions counterproductive, Syrians say

DAMASCUS, Syria, May 22 (UPI) -- A U.S. decision to renew sanctions on Syria will curb economic and political development as Damascus tries to engage the international community, officials say.

Despite a push to pursue a policy of engagement, U.S. President Barack Obama recently renewed sanctions on Damascus, provoking the ire of many in Syria.

"We are doing our best to reform the economy, efforts are being made and these sanctions will add another obstacle to that," said Mazen Mourtada, a board member on the Damascus Securities Exchange.

The exchange opened in 2009 with strict regulatory requirements in what is seen as a resounding policy shift by some, the National newspaper in the United Arab Emirates reports.

Meanwhile, the Washington decision to extend punitive sanctions on Syria comes as the European Union considers an economic agreement with Damascus that includes human rights and nuclear non-proliferation provisions.

Despite the renewed sanctions, Syrian businessmen hope the Washington engagement policy will translate to a relaxing of some of the enforcement mechanisms, allowing modest economic reform to proceed.

"Although the sanctions are in place, what will be important is how stringently they are enforced and acted upon," said Mourtada. "We already feel in certain instances, with certain companies, that there is some amount of flexibility or inconsistency in this."