US formally lifts sanctions on Syria

The United States on Friday lifted comprehensive economic sanctions on Syria, marking a dramatic policy shift following the end of Bashar al-Assad's regime and opening the door for new investment in the war-torn country.

Syria must "continue to work towards becoming a stable country that is at peace, and today's actions will hopefully put the country on a path to a bright, prosperous and stable future," Treasury Secretary Scott Bessent said in a statement.

The US Department of State is also issuing a waiver under Caesar Syria Civilian Protection Act (Caesar Act) that will enable America’s foreign partners, allies, and the region to “further unlock Syria’s potential” – the department said in a statement.

“This is just one part of a broader U.S. government effort to remove the full architecture of sanctions imposed on Syria due to the abuses of the Bashar al-Assad regime,” it continued.

The sanctions relief “does not allow for transactions that benefit Russia, Iran, or North Korea—key supporters of the former Assad regime,” the department declared.

The decision authorizes transactions such as the provision of financial and other services to Syria; and transactions related to Syrian-origin petroleum or petroleum products.