CAIRO (AFP) - Arab finance ministers gathered in Cairo on Saturday drew up a list of economic sanctions against Syria that they will present to foreign ministers for adoption, a communique said. The recommendation which includes a ban on Syrian officials visiting any Arab country and the freezing of government assets comes after President Bashar al-Assads regime defied an ultimatum to allow in observers amid a lethal crackdown on protest. Arab top diplomats will meet in Cairo on Sunday to vote on the sanctions. The list of punitive measures also included the suspension of flights and a halt to any transactions with the Syrian government and its central bank. Arab states are also called to freeze any investments for projects in Syria. The Arab League had set a Friday deadline for Damascus to agree to the details of the observers mission, part of a reform deal Syria had previously said it accepted. If adopted, the sanctions are likely to have a crippling effect on Syria which relies on its Arab neighbours for half of its exports and a quarter of its imports. The United Nations estimates that the Syrian governments crackdown has cost more than 3,500 lives since March.