
"Syria was a successful country that used to sell oil, grain. Now it has neither oil nor grain nor many other products to meet the demands of the population," Rogozin said, adding that the commission will consider any means to support the country. The heads of major private Russian industrial companies were in Damascus to present energy and transport projects to President Assad. "He personally guaranteed that Syria will create a most favored treatment for each Russian company," Rogozin said. Syria applied to be part of a free trade zone with Russia two years ago. Negotiations have been going on since before the war erupted in the country.
According to Syrian Prime Minister Wael al-Halqi, the two countries have already signed nearly a billion dollars worth of agreements to develop energy, trade, finance and other sectors of the war-torn economy. Syria has offered Russia a chance to explore and develop oil and gas on land and offshore. In particular, Russia was invited to upgrade the Baniyas refinery and construct a refinery with Iran and Venezuela. The sides also aim a joint bank to facilitate transfers. The bank would be controlled 50-50 by the countries' central banks.



Comment: Syria and Russia are holding consultations on the possibility of transactions in their national currencies, not with the US dollar.
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