The UK has lifted sanctions on 24 Syrian entities, including the central bank, in a landmark move that could be a turning point for Syria’s devastated economy. Britain has become the first country to unfreeze all assets of the Central Bank of Syria.
The state airline and state-owned oil companies are amongst other previously sanctioned entities removed from the sanctions list on Thursday afternoon. “This approach underscores our commitment to help the people of Syria rebuild their country and economy, including through support for a Syrian-led and Syrian-owned political transition process,” a UK government spokesperson said. “We will continue to judge Syria’s interim authorities by their actions, not their words.”
The new Syrian government inherited a daunting economic crisis from Bashar al-Assad’s government, which was toppled in December.
Government corruption, devastating conflict and crippling international sanctions all contributed to wrecking Syria’s economy under Assad. According to the UN, nine out of 10 Syrians live in poverty.
On December 17, interim President Ahmed al-Sharaa [al-Qaeda name: Abu Mohammad al-Jolani] urged Britain and other countries to lift all the sanctions that had been imposed on the country under Assad.
“They should lift all restrictions which were imposed on the flogger and the victim. The flogger is gone now. This issue is not up for negotiation,” he said.
‘Desperately needs a boost’
The UK’s major policy shift could bring new opportunities for Syria, if other nations follow suit. Western countries lifting sanctions could help stabilise the Syrian economy and facilitate foreign investment.
The Syrian government is led by the Hay’at Tahrir al-Sham (HTS), which remains a proscribed terrorist organization in the UK, as well as in the US. Western countries have lifted some sanctions, but have made sanctions relief contingent on political reforms.
In February the European Union partially removed restrictions on the central bank and suspended sanctions on the energy and transport sectors. The US waived a ban on transactions with the Syrian government, facilitating humanitarian aid – but has kept sanctions in place.
As long as US sanctions remain, the material impact of Britain’s move will be limited. But the policy could be a turning point in encouraging other European nations to lift more sanctions.
It is certainly a bold decision from the Labor government, which will be seen to be designing its own Middle East policy, distinct from that of the US.
It comes just days after Turkey’s Deputy Foreign Minister Nuh Yilmaz met Britain’s Middle East Minister Hamish Falconer to discuss Syria’s future, including sanctions and economic development.
Chris Doyle, chair of the Council for Arab-British Understanding, said: “This is a belated if very welcome step by the UK. The Syrian economy desperately needs a boost and removing or easing sanctions is one of the key measures than can assist in this process.”
He added: “Getting Syrians back to productive work, running their businesses, and getting out of a situation of being aid dependent is all part of ensuring a successful transition away from decades of Assad regime rule.”
Watch: HTS militants drop ‘barrel bombs’ on civilians long the Syrian coast amid an ongoing ethno-religions cleansing campaign targeting Alawites (and the MSM remains silent)…
I’d never imagined we’d be on the side dropping the barrel bombs,
we who labelled Assad “the barrel bomb regime”This is too much to stomach. pic.twitter.com/7dxtgSDv0G
— Rami Jarrah (@RamiJarrah) March 7, 2025
The developments come as the HTS-led government carried out helicopter strikes on Thursday on the former Assad stronghold of Latakia, after fighters loyal to an elite Assad unit killed security personnel.
Video purporting to show impact…
Barrel bombs dropped on Syrian coast cities by the Jolani regime
These tactics are what made Assad a “monster,” but Jolani has friends in Washington pic.twitter.com/RTsrUx8yS1
— COMBATE |🇵🇷 (@upholdreality) March 7, 2025
In the last few weeks, the government has launched extensive campaigns seeking to root out Assad loyalists from his former bastions. It is under further pressure in the southwest, where Israel has occupied a UN-buffer zone and now commands the high ground looking over Damascus.
Israel has also sought to portray itself as a protector of Syria’s Druze community, an ethno-religious minority, in a bid to deepen its foothold in Syria.
Last week, Israeli Prime Minister Benjamin Netanyahu threatened military action to “defend” a suburb three kilometres southeast of Damascus that is home to many Druze.
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