European Union countries on Wednesday passed legislation to lift all economic sanctions on Syria except for those based on security grounds.

To facilitate the rapid reconstruction of the war-torn country, the Syrian Central Bank and other lenders can once again access the European financial market.

It will take effect once published in the EU's Official Journal and carries out a political decision made by EU foreign ministers last week to end the bloc's restrictive measures.

"This decision is simply the right thing to do," top EU diplomat Kaja Kallas said. "At this historic time, for the EU to genuinely support Syria's recovery and a political transition that fulfils the aspirations of all Syrians."

"Today the EU reaffirms its commitment as a partner for the transition, one that helps the Syrian people to reunite and rebuild a new, inclusive, peaceful Syria," she added. 

Stability hope for Syria

German Foreign Minister Johann Wadephul said last week that the new Syrian leadership was being given a chance, but warned that it was expected to involve the entire population and all religious groups.

Six months after the fall of the al-Assad regime, Wadephul added was important that a united Syria could take its future into its own hands.

The EU is also hopeful that once the country has stabilized, hundreds of thousands of Syrian refugees in the bloc will one day be able to return home.

Wednesday's decision does not affect sanctions against individuals and organizations with links to the al-Assad regime or responsibility for the violent repression of the Syrian people.

Furthermore, export restrictions on weapons as well as goods and technologies used for internal repression remain in force for the time being.

Edited by: Zac Crellin