The United States officially eased sanctions on Syria in a move it says supports its transformation into a stable and peaceful country
The United States on Friday formally eased economic sanctions on Syria, a major shift in US policy following the ouster of President Bashar al Assad that opens the way for new investment in the war-torn country.
In a statement, US Treasury Secretary Scott Besant said that Syria must continue working toward becoming a stable, peaceful country, with the hope that today’s actions will put the country on a path toward a bright, prosperous, and stable future.
The move comes in implementation of a decision taken by US President Donald Trump last week.
During a Gulf tour, Trump suddenly announced that he would lift sanctions on Syria.
In Saudi Arabia, the first stop on his tour, Trump said, “I’ll order the lifting of sanctions on Syria to give them an opportunity to grow”.
He continued, “The sanctions were harsh and crippling, but now it’s their time to shine,” noting that his decision came in response to requests from Türkiye and Saudi Arabia.
According to the Treasury Department, the lifting of sanctions includes the new Syrian government provided it doesn’t provide safe haven for terrorist organizations and ensures the safety of religious and ethnic minorities.
Concurrently, the State Department issued a sanctions waiver enabling foreign partners and allies to participate in Syria’s reconstruction, giving companies a green light to conduct business in the country.
The move allows for new investments in Syria, the provision of financial services, and transactions related to Syrian petroleum products.
It also allows transactions with the new Syrian government and some previously banned entities.
The US Treasury published an appendix attached to the license that includes the names of the companies, organizations, and individuals with whom transactions are now permitted, as follows:
- Syrian Transitional President, Ahmed al Sharaa
- Syrian Minister of Interior Anas Khattab
- Syrian Arab Airlines
- SYTROL Company
- Commercial Bank of Syria
- Central Bank of Syria
- General Petroleum Corporation
- Syrian Oil Transport Company
- Syrian Gas Company
- Syrian Oil Company
- Real Estate Bank
- General Authority for Radio and Television
- Baniyas Refinery Company
- Homs Refinery Company
- Agricultural Cooperative Bank
- Industrial Bank
- People’s Credit Bank
- Savings Bank
- General Directorate of Syrian Ports
- Lattakia Port General Company
- Syrian Maritime Navigation Chamber
- Syrian General Authority for Maritime Transport
- Syrian Shipping Agencies Company
- Tartous Port General Company
- General Organization for Refining and Distribution of Oil Derivatives
- Syrian Ministry of Petroleum and Mineral Resources
- Syrian Ministry of Tourism
- The Four Seasons Hotel – Damascus
Coinciding with the lifting of US sanctions, the European Union officially confirmed last Tuesday the lifting of all economic sanctions imposed on Syria, with the aim of helping the people rebuild the country and supporting its recovery.
Lifting US and European sanctions would pave the way for greater participation by humanitarian organizations operating in Syria and facilitate trade and foreign investment as the country seeks to rebuild.
For its part, the Syrian Foreign Ministry said in a statement, “The Syrian Arab Republic welcomes the decision issued by the US government to lift the sanctions imposed on Syria and its people for many years, and considers it a positive step in the right direction to alleviate the humanitarian and economic suffering in the country”.
