The Media Line: Rubio, al-Shaibani Discuss Turning Sanctions Relief Into US Investment in Syria  

Rubio, al-Shaibani Discuss Turning Sanctions Relief Into US Investment in Syria  

By Rizik Alabi / The Media Line  

[DAMASCUS] Syrian Foreign Minister Asaad al-Shaibani and US Secretary of State Marco Rubio discussed relations between Damascus and Washington by phone, focusing on implementing the removal of US sanctions and ensuring the changes benefit Syria’s economy and banking sector.  

Syria’s Foreign Ministry said the call addressed bilateral relations and ways to further develop cooperation between the two countries amid what it described as the “positive momentum” in Syrian-US relations.   

In the statement, al-Shaibani expressed Damascus’ appreciation for steps taken by the United States to remove sanctions imposed on Syria. He stressed the need for continued coordination to complete the technical steps required to turn the political decisions into concrete changes for Syria’s economy and banking system.  

Damascus’ emphasis on implementation suggests that formally ending the broader sanctions framework has not automatically removed all obstacles facing banks, investors and companies seeking to do business with Syria, particularly after years of restrictions and isolation from large parts of the international financial system.   

US President Donald Trump issued an executive order on June 30, 2025, ending the comprehensive US sanctions program on Syria effective July 1. The US Treasury Department subsequently revoked several executive orders that had formed the basis of broad sanctions on Damascus, while maintaining targeted measures against former President Bashar Assad, members of his inner circle, and individuals accused of human rights abuses, drug trafficking, terrorism, and other activities.   

Washington took another step on Aug. 24, when the State Department announced the removal of Syria’s designation as a state sponsor of terrorism, alongside additional measures related to restrictions previously imposed on the armed group Hay’at Tahrir al-Sham. US officials said the changes were intended to facilitate investment and support Syria’s political and economic stability.   

According to the Syrian Foreign Ministry, al-Shaibani and Rubio also agreed on the need to support Syria’s stability and economic growth. They discussed regional developments and Syria’s role in promoting political and economic stability, while agreeing to remain in consultation on issues of mutual concern.  

The call comes as economic ties between Syria and the United States are expanding.  

Earlier this week, Damascus hosted the first US Chamber of Commerce mission to Syria, bringing representatives of around 50 companies and more than 80 participants from various sectors for meetings with Syrian officials and business leaders, as well as discussions on investment opportunities.   

US Deputy Assistant Secretary of State Jacob McGee said during the meetings that the barrier that had prevented investment between the two countries had been removed and that Washington was encouraging American businesses to enter the Syrian market.   

Officials participating in the meetings also said US companies, including Chevron, HKN, Visa and Mastercard, had begun taking steps toward the Syrian market or had entered into agreements with Syrian entities.   

At the same time, the Syrian government is seeking to address remaining obstacles affecting capital flows, international transfers and banking transactions.   

Syrian officials told the visiting US business delegation that Damascus was coordinating with the US Departments of State, Treasury and Commerce to resolve technical and regulatory difficulties that could continue to impede investment and economic activity.   

The al-Shaibani-Rubio call places economic issues at the center of the current phase of Syrian-US relations, as attention shifts from political decisions to remove sanctions toward the practical challenge of implementing those decisions and reconnecting Syria’s economy and banking system with international markets and financial institutions.