Lhe announcement is contained in a document from this key banking organization, published on Friday by local media. “The precautionary measures – freezing of foreign trade operations of goods and services from and to Spain – are no longer appropriate” from Thursday, said the ABEF in a note addressed to the directors of banks and financial institutions.
No announcement from the authorities in Algiers — government, presidency — has yet been made regarding this decision.
This was taken at “the outcome of the evaluation of the device” put in place following the restrictions, and “in consultation with the actors concerned”specified the ABEF, without giving other reasons for the lifting of these measures.
The restrictions were imposed following Algeria suspended on June 8 the “friendship treaty” concluded in 2002 with Spain, in order to protest once morest Madrid’s reversal on the Sahara issue to align with the position from Morocco.
The same day, the ABEF had asked the banks to suspend the bank domiciliation of foreign trade operations of products and services, from and to Spain.
The European Union (EU) then warned Algeria of the consequences of these restrictions, saying they appeared to be “in violation of the EU-Algeria Association Agreement, particularly in the area of trade and investment”.
Algeria had denied the judgment “current transactions” with Spain and ensured that its gas exports to Spain would continue, in accordance with the contracts in force.
At the end of June, the Spanish government accused Algeria of blocking almost all bilateral trade, with the exception of gas, thus contradicting Algiers’ denials.
In 2021, Spain exported 1.88 billion euros to Algeria and imported 4.7 billion euros worth of goods from this country, almost all (more than 90%) in the energy, mainly gas, according to Madrid.
(With AFP)
