The European Union lifted economic sanctions on Syria on Wednesday in an effort to support the country's transition and recovery after the toppling of former president Bashar al-Assad.

The move follows a political agreement reached last week by EU foreign ministers to lift the sanctions.

The EU will keep sanctions related to Assad's government and restrictions based on security grounds, while also introducing new sanctions against individuals and entities connected to a wave of violence in March, the Council said.

"The Council will continue monitoring developments on the ground and stands ready to introduce further restrictive measures against human rights violators and those fueling instability in Syria," it added.