Trade

On November 26, the Russian delegation visited the Suweida Chamber of Commerce and Industry and signed an MoU to barter Syrian local agricultural products like olive oil, apples, and grapes molasses, for Russian agricultural inputs such as fertilizers, pesticides, and machinery.

Recent reports indicate that the Katerji brothers, possibly the most influential business figures to have emerged during the Syrian conflict, are facing increasing pressure from the Syrian authorities.

Binance Holding Limited has been fined USD 4.3 billion for breaching U.S. sanctions in jurisdictions, including Syria. This is one of the largest corporate penalties in U.S. history.

The four Treasury bond auctions held in 2023 by the Ministry of Finance have amassed less than half of their target, reflecting the difficulties the government faces to attract funding. 

The Syrian government is negotiating to extend the contract it has with French shipping giant CMA CGM over the management of the port of Lattakia’s container terminal. The Ministry of Transport has established a committee to negotiate with the French company but that does not necessarily mean that the contract with LICT will be eventually extended.

On the eve of the Syrian conflict, half a dozen Western oil companies were active in Syria. Among these, Royal Dutch Shell and Total E&P, were the major players. However, the country’s descent into chaos and the subsequent imposition of Western sanctions on the oil sector led to the freezing of their activities. By the end of 2012, all Western companies had suspended their operations in Syria, declaring force majeure and freezing their assets.