Switzerland lifts major economic sanctions on Syria, including central bank

Switzerland has announced the lifting of a wide array of economic sanctions on Syria, including measures targeting the country’s central bank. The move follows a series of international steps aimed at supporting Syria’s recovery after the fall of former president Bashar al-Assad in December 2024.

In a statement released on Friday, the Swiss Federal Council confirmed that while targeted sanctions against individuals and entities closely associated with the former Syrian government will remain in effect, broader economic restrictions are being lifted to encourage a new phase of transition.

"The aim of this decision is to promote the country's economic recovery and an inclusive and peaceful political transition," the council said.

The latest development builds on Switzerland’s earlier easing of sanctions in March. With the new decision, the country is lifting bans on the provision of certain financial services, trade in precious metals, and the export of luxury goods. Additionally, 24 entities — including the Central Bank of Syria — have been removed from the Swiss sanctions list.

This move aligns Switzerland with recent actions taken by key international actors. The European Union officially lifted its economic sanctions on Syria at the end of May, following a similar policy shift by the U.S. Treasury Department earlier in the same month.

Switzerland’s announcement is being viewed as a significant diplomatic gesture in support of Syria’s post-Assad reconstruction process, and may pave the way for increased engagement by European and global financial institutions.

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