Trump Lifts Syria Sanctions, Sparking Regional Commerce Hopes
In a significant shift, former U.S. President Donald Trump signed an executive order that will end numerous economic sanctions on Syria. This decision, following a meeting with Syrian interim President Ahmed al-Sharaa, aims to foster stability and peace by reintegrating Syria into the global financial system.
Order Details and Intent
The executive order, enacted late Monday, effectively dismantles many economic penalties on Syria. According to White House Press Secretary Karoline Leavitt, the aim is to “promote and support the country’s path to stability and peace.” The order’s scope involves ending Syria’s isolation from international finance and fostering commerce, potentially attracting investments from neighboring countries and the U.S.
Brad Smith, the U.S. Treasury’s acting undersecretary for terrorism and financial intelligence, highlighted that the move is intended to enable global commerce and drive investment. Notably, this action builds on preliminary steps taken in May, where Washington granted Syria major sanction exemptions.
“This is another promise made and promise kept,”
—Karoline Leavitt, White House Press Secretary
Remaining Restrictions
The latest executive order does not eliminate all existing sanctions. Restrictions will remain on Bashar al-Assad, the former president, his top aides, family, and those implicated in human rights violations or the chemical weapons program. Additionally, sanctions imposed by Congress against those doing business with Syria’s military and intelligence services will remain in place.
Sanctions targeting terrorist groups and the amphetamine stimulant Captagon, widely linked to Syrian regime officials’ illicit trade, will also continue. The U.S. has maintained its designation of Syria as a state sponsor of terrorism.
The European Union and the United Kingdom have taken similar steps, lifting most of their remaining sanctions. However, the U.S. has not yet removed Syria’s state sponsor of terrorism designation. Experts believe this has stifled economic growth; currently, the Syrian economy is experiencing a contraction of approximately 5% (International Monetary Fund).
