The United States on Friday formally lifted its comprehensive economic sanctions on Syria, signaling a significant policy shift following the end of Bashar al-Assad’s regime. This move is expected to open avenues for new investment in the war-torn country.
Treasury Secretary Scott Bessent stated that Syria must “continue to work towards becoming a stable country that is at peace, and today’s actions will hopefully put the country on a path to a bright, prosperous and stable future.”
This action formalized a decision that President Donald Trump had announced last week.
During a recent tour of the Middle East, Trump had unexpectedly declared his intention to lift the “brutal and crippling” Assad-era sanctions on Syria, responding to requests from Turkey and Saudi Arabia.
The Treasury Department clarified that the sanctions relief extends to Syria’s new government, contingent on the country not providing safe haven for terrorist organizations and ensuring the security of religious and ethnic minorities.
Concurrently, the State Department issued a waiver, enabling foreign partners and allies to participate in Syria’s reconstruction efforts and giving companies the authorization to conduct business in the country.
This authorization encompasses new investment in Syria, the provision of financial services, and transactions involving Syrian petroleum products.
It also permits dealings with Syria’s new government and certain entities that were previously subject to blockades.
For 14 years during the country’s civil war, the United States had imposed extensive restrictions on financial transactions with Syria, explicitly stating its intent to use sanctions to penalize anyone involved in reconstruction as long as Assad remained in power.
Following an Islamist-led campaign last year that resulted in Assad’s overthrow, Syria’s new government has been actively seeking to rebuild relations with Western governments and roll back the burdensome sanctions.
