DAMASCUS - Optimism is running high among Syrian citizens in Damascus following the United States’ recent decision to ease sanctions on their country. Speaking to Rudaw, citizens and experts hoped the move will help revitalize Syria’s battered economy, attract foreign investment, and reduce unemployment.
“We hope the lifting of sanctions will be a good omen, bringing benefits to Syrian citizens. There will be reconstruction activity in the country, and the overall economic situation will improve significantly,” Wael Kheirata, a Damascus resident, told Rudaw on Monday.
On Friday, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Syria General License 25, which authorizes certain transactions that were previously prohibited under Syrian sanctions regulations, including those involving specific blocked entities.
Maher Sinjar, a Syrian economic expert, told Rudaw that the license effectively lifts sanctions on key institutions, most notably the Central Bank of Syria and the Commercial Bank of Syria.
He emphasized the significance of this development, particularly the impact on the Commercial Bank, which “had been responsible for handling foreign currency transactions and maintains 152 correspondent branches worldwide.”
“This means we are now essentially preparing to re-enter the SWIFT system, which has actually begun as of today,” Sinjar said, referring to the global financial messaging network.
Sinjar added that the OFAC decision would also facilitate international money transfers and gradually curb the informal “shadow economy,” paving the way for a more regulated financial system.
OFAC’s move came after a pledge by US President Donald Trump earlier in May to implement a “full and comprehensive lifting of sanctions” on Syria.
“We hope this lifting of sanctions will be a turning point. Reconstruction efforts can finally begin, and we expect a tangible improvement in our economic conditions,” said Hassan Chawish, a government employee in Damascus.
Following a swift offensive in early December, a coalition of opposition groups led by Hay’at Tahrir al-Sham (HTS) - headed by Ahmed al-Sharaa - toppled the regime of Syrian dictator Bashar al-Assad. In late January, Sharaa was appointed as Syria’s interim president.
Since assuming power, the new leadership in Damascus has prioritized lobbying for the removal of international sanctions. While many countries have expressed openness to revisiting Assad-era sanctions, they have emphasized the need for the new government to meet key benchmarks.