Despite mounting calls against foreign intervention by pro-government rallies in Syria, intensified boycotts and sanctions by the international community cornered the country's fragile economy, gradually removing sources of support for the besieged regime of President Bashar al-Assad.

European Union (EU) foreign policy chief Catherine Ashton have insisted that military intervention, like what was launched in Libya, was not on the table at the moment.

The European countries and the United States have worked on economic sanctions, aiming at pushing the Syrian citizens to take tougher positions against the regime, since the very beginning of the events in Syria, and the Arab countries have recently followed the lead in a bid to further isolate the Syrian regime and cripple the Syrian economy.

The Arab League on Saturday suspended Syria's membership in the regional body and imposed sanctions on Syria that may halt the imports of non-oil products, as it said that Syria failed to end its bloody crackdown on protesters.

The EU quickly grab the AL action and broadened its sanctions on Syria's army officers, mainly those affiliated with the Fourth Division headed by Maher Assad, the president's brother, which wields unparalleled power in the army.

The new EU move raise the number of Syrian individuals who have been slapped by EU sanctions since the outbreak of unrest in Syria to 78. It also suspended the disbursement of European Investment Bank loans and prevented the Syrian government from receiving cash under existing loan projects.

In 2009, the European Investment Bank granted loans of 275 million euros to the Syrian electricity sector and 50 million euros to improve urban infrastructure.

The EU already tightened sanctions against Syria in October by adding the Commercial Bank of Syria to the sanction list.

In September, it embargoed crude oil imports from Syria and banned EU firms from investing in Syria's oil industry. It also imposed sanctions on Syria's main mobile phone firm Syriatel and the largest private company Cham Holding.

Turkey on Tuesday canceled plans for oil exploration in Syria and threatened to cut electricity supplies after a spate of attacks by supporters of Assad on its diplomatic missions in Damascus.

Energy Minister Taner Yildiz announced that Turkey had shelved plans for its petroleum company TPAO to jointly explore oil with Syria's state oil company in six wells.

Yildiz also threatened that Turkey could review supplies of electricity to the troubled country if tensions continue. "We currently give them electricity, but we may be forced to review everything if the current trend continues," he said.

The Arab League (AL) is expected to halt Syria's membership in the Greater Arab Free Trade Area which was declared in 2005 within the Social and Economic Council of the AL to facilitate and regulate transit trade among Arab countries.

Syria produced around 350,000 barrels per day before the unrest, about a third of which were exported. However, nationwide unrest rattled investors' confidence and cast at least short-term pall on the investment climate in the country.

Economic activity is slowing down. The purchase of consumer items has gone to half-mast and hotels are empty. Tourism, deemed to be the main source of foreign currency in Syria, is in its lowest level and business has remarkably dipped.

Syrian officials still sound composed and try to reassure the Syrian citizen that everything is under control and that the country is strong enough to face all challenges no matter how they are piling up.

Syrian Foreign Minister Walid al-Moallem told media during a recent press conference that the crisis is coming to an end, saying that there is nothing to be worried about.

Syrian Central Bank Governor Adib Mayaleh said that private banks have injected significant financial funds to the national economy, stressing that the Syrian pound is still strong and under control.

However, facts on ground seem to be different as the Syrian pound is now trading at roughly 54 U.S. dollars in the black market, up around eight dollars since the start of the crisis.

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