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In this report, the authors study the impact of sanctions on political dynamics in Syria, through three phrases. Ultimately, they find that sanctions have depleted public financial resources, provoked the flourishing of the shadow economy, damaged independent businesses, and impoverished ordinary Syrians. They also find that sanctions have transformed elite dynamics among the Syrian elite, by providing them with a new external role— those who have the resources and connections to circumvent sanctions have become the new gateway for the regime and its officials to the external world.

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