Posted By Global Banking and Finance Review
Posted on June 20, 2025
ZURICH (Reuters) -Switzerland said on Friday it will lift a raft of economic sanctions imposed on Syria, including the Middle Eastern country's central bank.
After the toppling of former Syrian president Bashar al-Assad in December 2024, targeted sanctions against individuals and entities linked to the former government will still remain in place, Switzerland's governing Federal Council said.
"The aim of this decision is to promote the country's economic recovery and an inclusive and peaceful political transition," the council said in a statement.
After an initial easing of sanctions in March, Switzerland is now lifting restrictions on the provision of certain financial services, trade in precious metals and the export of luxury goods, the government said.
Some 24 entities including the central bank of Syria have also been removed from the sanctions list, it added.
The announcement follows the EU's decision to lift its economic sanctions on Syria at the end of May after a similar move by the U.S. Treasury Department in the same month.
(Reporting by Marleen KaesebierEditing by Dave Graham)