Profits of Syria’s state-owned hotels have increased during the first half of this year due to the depreciation of the national currency. The government has continued to develop its domestic tourism as it searches for ways to replenish its depleted state coffers with foreign currency and to encourage investment.
The U.S. Department of Treasury’s Office of Foreign Assets Control released its 29th annual Terrorist Asset Report, which documents assets owned in the United States that are blocked, i.e. frozen, under the U.S. Counter-Terrorism Sanctions.
The British government has lifted its asset freeze on Tarif Al-Akhras, a prominent Syrian businessman, without providing any clear reason. Mr Akhras has close ties to the Syrian government and is the second cousin of Asma Al-Assad, the wife of Syria's President Bashar Al-Assad.
The announcement by South African telecommunication company MTN that it was leaving Syria is a good reminder of the high risks for foreign companies of doing business in the country.
OFAC has sanctioned new Syrian regime officials, the first time that new individuals are targeted by the U.S. Administration since the beginning of the Biden Presidency.
Payoneer Inc., a publicly traded New York-based online payment company, has agreed to pay USD 1.4 million to settle its potential civil liability for failing to prevent breaches of US sanctions, including on Syria.