News

05-07-2022
Kiev has announced that it will cut political and economic ties with Damascus after the latter recognised Luhansk (also spelt Lugansk) and Donetsk, two Russian-backed breakaway republics in eastern Ukraine. Kiev’s decision, which includes a trade embargo, will further deteriorate relations between the two countries and impact Syria’s trade-related foreign currency inflows. 
05-07-2022
Syrian businessman George Heswani has operated in Syria’s oil and gas sector since the 1990s but gained notoriety throughout the decade-long conflict due to his close association with Russia and his alleged role in brokering deals with the Islamic State on the Syrian government’s behalf. The businessman was most recently implicated in the Beirut port explosion of 2020.
28-06-2022
An affiliate of the Bemo banking group is providing microfinance loans to members of a charity linked to a militia that fought during the war and to various Iranian political figures. The charity is based in the Damascus suburb of Sayyida Zeinab. Another company involved in this project is the local agent of Western Union. The move carries serious risks to the group’s reputation.
28-06-2022
Moscow and Damascus are seeking to boost trade relations between Syria and the city of Sevastopol, the largest city in the Crimean peninsula. A memo issued by the Russian embassy lists prominent Sevastopol-based companies, including a supplier of military equipment that is under U.S. sanctions.
21-06-2022
Syria’s Katerji brothers have been blacklisted by six members of the Gulf Cooperation Council – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates – in the first such known act against prominent regime-affiliated businessmen by countries of the region.
21-06-2022
Stroytransgaz, a Russian engineering and construction company, has become a major player in Syria’s economy over the past few years, expanding its pre-conflict activities and reaching into new sectors. It has won major contracts in the fields of phosphates, port management, and fertilisers, at times at the expense of Iranian competitors, and has grown into a major symbol of Russia’s growing economic and political sway in Syria.
14-06-2022
The World Bank released on June 09 its first comprehensive report in years on the state of the Syrian economy. The report uses innovative remote-based data to measure some key indicators, such as nighttime lights and nighttime lights-based output estimates, shipping-position data, and population and conflict maps. Some of the findings raise questions, however, while the report lacks any political economy dimension. Unsurprisingly, the forecasts for the coming years are gloomy.
14-06-2022
The following is an interview conducted by The Syria Report with Dan Stoenescu, head of the European Union Delegation to Syria. Mr Stonescu talks about a variety of issues, including the outcomes of the latest Brussels conference, the renewal of the U.N. resolution on the Bab Al-Hawa border crossing, the OFAC licence authorising investment in Syria's northern areas, the ties between member states and the Syrian government.