Switzerland has announced the removal of several economic sanctions that were imposed on Syria, including those targeting the country’s central bank. This decision was made after the former Syrian president Bashar al-Assad was removed from power in December 2024. While sanctions against individuals and entities linked to the previous government remain active, Switzerland’s Federal Council stated that the move aims to support Syria’s economic recovery and foster an inclusive and peaceful political transition.
In March, Switzerland initially eased some sanctions, and now it is lifting restrictions on specific financial services, trade in precious metals, and the export of luxury goods. The central bank of Syria is among the 24 entities that have been removed from the sanctions list. This decision aligns with similar actions taken by the EU and the U.S. Treasury Department, which also lifted their economic sanctions on Syria at the end of May.
— news from Reuters
— News Original —
Switzerland lifts economic sanctions on Syria
ZURICH, June 20 (Reuters) – Switzerland said on Friday it will lift a raft of economic sanctions imposed on Syria, including the Middle Eastern country’s central bank.
After the toppling of former Syrian president Bashar al-Assad in December 2024, targeted sanctions against individuals and entities linked to the former government will still remain in place, Switzerland’s governing Federal Council said.
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“The aim of this decision is to promote the country’s economic recovery and an inclusive and peaceful political transition,” the council said in a statement.
After an initial easing of sanctions in March, Switzerland is now lifting restrictions on the provision of certain financial services, trade in precious metals and the export of luxury goods, the government said.
Some 24 entities including the central bank of Syria have also been removed from the sanctions list, it added.
The announcement follows the EU’s decision to lift its economic sanctions on Syria at the end of May after a similar move by the U.S. Treasury Department in the same month.
Reporting by Marleen Kaesebier Editing by Dave Graham