Britain lifts sanctions on Syrian banks, oil companies

The British government has lifted sanctions on 24 Syrian entities, including the country's Central Bank and several other banks, as well as oil companies. 

The relevant document was posted on the UK Ministry of Finance website on March 6, Caliber.Az reports.

This significant policy shift aims to support Syria's reconstruction and economic recovery following the fall of Bashar al-Assad's regime.

The ministry's document read that oil companies Al Furat, Deir Ez-Zur, Dula, Ebla, General Petroleum Corporation, Mahrukat, Overseas Petroleum Trading, Syria Trading Oil Company (Sytrol), Syrian Company for Oil Transport, Syrian Petroleum Company, as well as The Homs Refinery Company and The Baniyas Refinery Company have been excluded from the black list.

Sanctions on Syrian Arab Airlines, as well as eight banks, including Industrial Bank and Commercial Bank of Syria, were also lifted, the document adds.

According to the Western media outlets, the UK's decision aligns with similar actions by the European Union, which, on February 24, 2025, suspended sanctions targeting Syria's energy and transport sectors, as well as asset freezes on five Syrian banks and the Central Bank. These measures are intended to facilitate economic recovery and the delivery of humanitarian aid.

The European news sources write that the lifting of UK and EU sanctions is expected to revitalize Syria's oil production, potentially increasing output from the current 80,000 barrels per day to pre-conflict levels of 400,000 barrels. This boost could generate essential revenue for the country's rebuilding efforts. However, the reintroduction of Western oil operators will depend on the gradual relaxation of sanctions and the establishment of a stable operating environment.

By Khagan Isayev