On Friday, the United States lifted comprehensive economic sanctions on Syria, signalling a major change in policy after the fall of Bashar al-Assad’s regime and paving the way for new investment in the war-ravaged nation. This comes after President Donald Trump’s formalising a decision last week.

Treasury Secretary Scott Bessent on Syria

Treasury Secretary Scott Bessent said Syria must “continue to work towards becoming a stable country that is at peace, and today’s actions will hopefully put the country on a path to a bright, prosperous and stable future.”

The sanctions ease extends to Syria’s new government with conditions that the country not offer protected haven for terrorist organisations and ensure security for religious and ethnic minorities, the Treasury added.

Trump’s announcement on Syria

Trump surprisingly declared that he was lifting “brutal and crippling” Assad-era sanctions on Syria in response to demands from Turkey and Saudi Arabia.

“Syria, they’ve had their share of travesty, war, killing in many years. That’s why my administration has already taken the first steps toward restoring normal relations between the United States and Syria for the first time in more than a decade,” he had stated.

“The sanctions were brutal and crippling and served as an important — really an important function — nevertheless, at the time. But now it’s their time to shine. So, I say, ‘Good luck, Syria.’ Show us something very special. Syria’s new government “will hopefully succeed in stabilizing the country in keeping peace,” he added.

The State Department simultaneously announced a waiver enabling foreign partners and allies to attend Syria’s reconstruction, providing companies the approval to do business in the country.

Secretary of State Marco Rubio reacts

The waiver would “facilitate the provision of electricity, energy, water and sanitation, and enable a more effective humanitarian response across Syria,” Secretary of State Marco Rubio said on Friday. “Today’s actions represent the first step on delivering on the president’s vision of a new relationship between Syria and the United States,” Rubio mentioned.

The authorisation includes new investment in Syria, provision of financial services, and transactions covering Syrian petroleum products.

While imposing sweeping restrictions on financial transactions with Syria during the country’s 14-year civil war, it made evident that it would use sanctions to punish anyone involved in reconstruction as long as Assad remained in power.

Syria’s new government has been aiming to restore relations with Western governments and roll back punishing sanctions after Assad’s fall.