Syria calls for lifting sanctions on funds transfers to its banks

Syria yesterday called for lifting sanctions on financial transfers to its banking system, noting that transfers are “the main factor in economic work and attracting investments to the country.”

This came during a meeting between Economy Minister Basel Abdul Hannan and the Chargé d’Affaires of the German Embassy in Damascus Margaret Jacob, according to reports by the Syrian SANA news agency.

The agency said that Abdul Hannan discussed with Jacob “ways to restore relations between the two countries, prospects for economic cooperation, and activating trade exchange.”

Abdul Hannan stressed Syria’s keenness to “restore relations with Germany and benefit from its expertise,” according to the same source.

He called for “working to lift sanctions on the banking system (financial transfers), as it is the main factor in economic work and attracting investments to the country.”

In the same context, Abdul Hannan welcomed the return of German companies to invest in Syria, especially in the field of alternative energy.

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Jacob revealed that preparations are underway to reopen the German embassy in Damascus “soon”, and that there is a desire to develop relations between the two countries in various fields, especially economic ones.

The German embassy in Damascus closed in 2011 following the outbreak of the Syrian revolution in 2011.

Jacob explained that the EU will be meeting soon and will discuss easing sanctions on Syria.

On 7 January, the US Treasury announced easing sanctions imposed on Syria for 6 months, with the aim of facilitating the continuation of basic services in the country.

On 27 January, the High Representative of the European Union for Foreign Affairs and Security Policy, Kaja Kallas, announced that the EU foreign ministers had agreed on a roadmap to ease sanctions on Syria.

Kallas added at the time on X: “While we aim to move fast, the lifting of sanctions can be reversed if wrong steps are taken.”