Syria welcomes UK lifting of restrictions against dozens of entities

Twenty-four entities, including oil companies and banks, removed from sanctions list

Foreign Minister Asaad Al Shibani has been among the Syrian officials involved in diplomatic efforts 'to ease the unjust sanctions that have burdened our people'. AFP

Syria on Friday welcomed Britain’s decision to lift sanctions on 24 entities, including the central bank and oil companies, that were imposed during Bashar Al Assad’s presidency.

The UK is the first country to ease restrictions on dealings with Syrian petroleum companies, banks and Syrian Airlines since the ousting of Mr Al Assad in December.

The Syrian Foreign Ministry said the UK’s move was a “positive step” that would contribute to Syria’s economic and political recovery and benefit its people.

Syria is looking forward to further "positive outcomes following the lifting of sanctions that harmed the population, despite the fact that it targeted the previous regime”, the ministry said in a statement. "We reiterate our call to end all economic restrictions that delay the country's economic and political recovery."

The Syrian Petroleum Company, Syria Trading Oil Company and Overseas Petroleum Trading were also among those delisted.

The interim administration of President Ahmad Al Shara, whose Hayat Tahrir Al Sham rebel group led the offensive that toppled Mr Al Assad after a 13-year civil war, is grappling with the fallout of Assad-era sanctions, corruption and looting of Syria's wealth, and the need to repair extensive damage from the war and restore services. It has called repeatedly for the lifting of western sanctions that were imposed during the brutal conflict.

The European Union last month suspended a range of punitive measures against Damascus, including restrictions related to energy, banking, transport and reconstruction. The bloc still has sanctions in place targeting people and economic sectors in Syria.

It also lifted the frozen assets of five banks, eased restrictions on the Central Bank of Syria and indefinitely extended an exemption to allow for the delivery of humanitarian aid.

“We have spent the past two months engaging in discussions and diplomatic efforts to ease the unjust sanctions that have burdened our people,” Syrian Foreign Minister Asaad Al Shibani said on X last month.