Switzerland lifts sanctions on Syria, including Central Bank
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Switzerland removes sanctions on Syria, including those on the Syrian Central Bank, aiming to support economic recovery and political transition after the fall of al-Assad’s regime.
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Syrian citizens walk in front the building of the Syrian Central Bank in Damascus, Syria, Saturday, Dec. 7, 2024 (AP)
The Swiss government announced on Friday that it will lift a set of economic sanctions on Syria, including those imposed on the Syrian Central Bank.
Switzerland also stated that sanctions against individuals and entities tied to Syria’s former government will stay in effect after the fall of ex-President Bashar al-Assad’s regime in December 2024. The Swiss government explained that "this move is intended to foster economic recovery and ensure a smooth, inclusive political transition in Syria."
The Swiss government stated in a release that 24 entities, including the Syrian Central Bank, have now been removed from the sanctions list. It also noted that restrictions on certain financial services, trade in precious metals, and luxury goods exports have been lifted, following an initial easing of sanctions back in March of this year.
Syria restores connection to SWIFT banking system
On June 19, Reuters reported that Syria has carried out its first international bank transaction through the SWIFT system since the war began 14 years ago; a milestone in restoring the country’s financial connections to the global economy. Central Bank Governor Abdelkader Husriyeh confirmed that the transaction, a direct commercial transfer from a Syrian bank to an Italian bank, was executed on Sunday.
For over a decade following the 2011 outbreak of war, Syrian banks were excluded from global finance, unable to conduct cross-border transactions due to sweeping sanctions.
Among these measures, those targeting Syria’s central bank proved particularly damaging, restricting the country’s engagement with international markets and financial bodies.
US, EU, announce lifting of sanctions on Syria
The European Union's Council voted on May 28 to revoke Syria's economic sanctions, as reported by RIA Novosti, with the body stating in an official release that "The Council has adopted legal acts lifting all economic restrictive measures on Syria, except those based on security grounds."
On May 24, the United States removed its comprehensive economic sanctions on Syria, paving the way for foreign investment and reconstruction initiatives in the wake of the fall of the Bashar al-Assad government.
The decision officially implements a move previously signaled by US President Donald Trump during his regional tour, which included discussions with Turkish and Saudi officials, as Trump characterized the sanctions as "brutal and crippling" while explaining that their elimination came in response to appeals from regional allies pushing for stability and recovery efforts in Syria following the conflict.
