Russia and Syria plan to sign an economic pact before the end of the year that is partly aimed at circumventing U.S. sanctions, Russia's deputy prime minister said Monday as he led a high-level delegation on a visit to Damascus.
Yuri Borisov said the Russian side is expecting to sign the pact on his next visit in December, adding that it includes more than forty new projects in the energy sector, reconstruction of a number of power stations and offshore oil extraction.
The agreement, he added, 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.
Borisov spoke at a joint press conference with Syrian Foreign Minister Walid al-Moallem in Damascus after the delegation met with Syrian President Bashar Assad.
Syria faces an unprecedented economic crisis after nearly a decade of civil war and Western sanctions. The economic and financial situation has been worsened by the financial crisis in neighboring Lebanon, Syria's main link with the outside world and where many Syrians have their money. Syria is also grappling with a coronavirus outbreak.
Russian Foreign Minister Sergey Lavrov, who is visiting Damascus for the first time since 2012, also attended the news conference.
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