Washington: The United States lifted extensive financial sanctions against Syria on Friday and marked a dramatic political shift after the end of Bashar al-Assad’s regime and opened the door for new investments in the war-hired country.
Syria must “continue to work to become 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,” said State Secretary Scott Bessent in a statement.
The move formalized a decision that President Donald Trump announced last week.
During a Middle East tour, Trump unexpectedly announced that he was lifting “brutal and paralyzing” Assad era sanctions against Syria in response to the demands of Turkey and Saudi Arabia.
The sanction relief extends to Syria’s new government with conditions that the country does not provide a safe port for terrorist organizations and ensure security for religious and ethnic minorities, the treasury said.
At the same time, the Ministry of State issued an exception that enabled foreign partners and allies to participate in Syria’s reconstruction, giving companies the green light to do business in the country.
The authorization covers new investments in Syria, the supply of financial services and transactions involving Syrian oil products.
It also allows dealings with Syria’s new government and certain previously blocked units.
The United States had introduced sweeping restrictions on financial transactions with Syria during the country’s 14-year civil war and made it clear that it would use sanctions to punish anyone involved in reconstruction as long as Assad remained in power.
After an Islamist -led campaign last year overturning Assad, Syria’s new government has been looking to rebuild relations with Western governments and roll back to punishing sanctions.
