BEIRUT: Syria’s Ambassador to Lebanon said Thursday that economic sanctions against Syria would not harm his country.

“The productivity of Syrian labor force is good,” Ali Abdul Karim Ali told Hezbollah’s Al-Manar television. “Syria is self-sufficient and has a lot of friends.”

The Syrian economy, hit hard by five months of anti-government protests, could survive unrest and sanctions into next year but experts and officials warn of a sharp deterioration afterward.

Since the beginning of its uprising, which began March 15, Syria has been hit with a number of sanctions by the United States and European Union in an attempt to put pressure on the government to cease its violent crackdown on civilian protesters.

The U.S. and the EU have imposed a new round of sanctions on Syria since the turmoil began five months ago. Australia also strengthened its sanctions against the country through its reserve bank and by freezing assets of several Syrian companies.

Russia and China, two of Syria’s biggest trading partners, have so far resisted issuing sanctions, instead urging Assad to reform the government.

Most of the goods traded between Lebanon and Syria are locally produced and would not fall under the newly imposed sanctions. However, some have speculated that the large number of Syrian accounts in Lebanese banks could affect Lebanon’s banking sector.

The European Union is considering slapping more economic sanctions against Syria, including an embargo on oil, officials said Friday.

Ali said the unrest in Syria was the result of a conspiracy, owing to Damascus’ positions.

“What is happening in Syria today has been engineered, and Syria is paying the price for its stances,” Ali said.

While he acknowledged the fact that Syria is in need of reforms, Ali said the “size of the international attack [against Syria] was due to its national stances.”

Ali condemned the release of suspects allegedly involved in arms smuggling to Syria via Beirut’s Solidere port.

“Lebanese themselves are not satisfied with the way this issue was handled which required a firmer attitude for Lebanon’s sake,” he said, stressing that “Syria’s security affects that of Lebanon.”