Syria calls for release of frozen funds from Europe

By Laith Al-Jnaidi and Mohammad Sio

DAMASCUS, Syria (AA) – Syria’s Economy Minister Basel Abdul-Hannan on Thursday demanded the return of his country’s frozen assets held in European nations, asserting they belong to the Syrian people.

His call came during a meeting with a delegation from the European Commission, according to the state news agency SANA.

During the meeting, Abdul-Hannan emphasized the importance “of continuing to lift all sanctions on Syria and the positive impact this would have on the country's economy and the living conditions of citizens,” SANA said.

The discussion also covered frozen funds held in European countries “and the need to return them, as they rightfully belong to the Syrian people, particularly those linked to figures of the former regime,” though no specific amounts were mentioned.

The minister said Syrian institutions will be restructured to align with a free-market system, alongside legislative reforms to remove economic obstacles. Short-term emergency plans will be implemented until the economy recovers, he added.

“The government will take on a supervisory and regulatory role rather than intervening in the market while focusing on supporting local industries to enhance exports,” he said.

“One year is enough to bring about a change in the Syrian economy,” Abdul-Hannan added.

The minister said over 100 investors returned to Syria in January to participate in reconstruction efforts “despite challenges such as energy shortages and unresolved sanctions.”

On Jan. 7, the US Treasury Department announced a six-month easing of sanctions on Syria to facilitate essential services.

Later, on Jan. 27, EU foreign policy chief Kaja Kallas confirmed that EU foreign ministers had agreed on a roadmap to ease sanctions on Syria.

Syria has been under sanctions since December 1979, when it was designated a “state sponsor of terrorism,” according to the US Departments of State and Treasury. The sanctions intensified after the 2011 uprising against the Bashar al-Assad regime.

Assad fled to Russia as anti-regime groups took control of Damascus on Dec. 8, 2024, and Ahmed al-Sharaa was appointed as the country's president in late January.