Al-Husariya explained: “We sent a greeting message to all correspondent banks, starting with the Federal Reserve… we tell them that we are back, and we look forward to long-term business relationships.” This step comes in light of Damascus’s need for financial transfers from Western institutions to secure the large sums required for reconstruction and revitalization of the economy, which was damaged by the war.
This coincides with the gradual lifting of international sanctions on Syria, as the US Treasury Department extended the suspension of Caesar Act sanctions for an additional 180 days, while the full lifting of sanctions remains suspended pending Congressional approval.
US President Donald Trump had pledged to support “making Syria successful” following his talks with Syrian President Ahmed Al-Shara, during Al-Shara’s visit to the White House, which is considered the first for a Syrian president to Washington.
The US Treasury Department announced that it would continue to ease sanctions, noting the issuance of a new decision replacing the previous exemption related to the Caesar Act of 2019, which imposed broad sanctions during the Assad era, with an extension of the exemption for an additional six months.
