{"id":293,"date":"2025-12-22T09:15:00","date_gmt":"2025-12-22T09:15:00","guid":{"rendered":"https:\/\/syriacapitalpartners.com\/blog\/?p=293"},"modified":"2026-01-12T00:49:22","modified_gmt":"2026-01-12T00:49:22","slug":"how-sanctions-affect-banking-cross-border-payments","status":"publish","type":"post","link":"https:\/\/syriacapitalpartners.com\/blog\/how-sanctions-affect-banking-cross-border-payments\/","title":{"rendered":"How Sanctions Affect Banking and Cross-Border Payments"},"content":{"rendered":"\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>A combination of conflict, war, and <a href=\"https:\/\/syriacapitalpartners.com\/blog\/how-sanctions-impact-doing-business-syria\/\">international sanctions has had a huge impact on the Syrian economy<\/a>. For the last 14 years, the United States, the European Union, the United Kingdom, and other countries have had trade sanctions against Damascus, severely limiting the country\u2019s access to international finance, foreign banking, international payments, trade finance and foreign investments. Just recently, changes in the geopolitical and economic focus of other countries have allowed for some trade with Damascus.&nbsp;<\/p>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Sanctions and Their Impact on Banking<\/h2>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The sanctions that Syria experienced included the attacks on the banking system, <a href=\"https:\/\/syriacapitalpartners.com\/blog\/can-syria-become-regional-hub-for-renewable-energy\/\">the energy system<\/a>, and trade, where the intention was to attack the regime and attempt to cripple the revenue system that could create violence within the region.<\/p>\n\n\n\n<div style=\"height:29px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Separation from International Financial Networks<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>More than a decade ago, Syrian banks were removed from the SWIFT system. This system is the spinal cord of the upper banking communications worldwide, so removing banks from it severely incapacitates their ability to appropriately perform international banking functions.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Severed Correspondent Banking Relationships<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Syrian banks lost access to important relations for regulatory and compliance risks they have. This caused liquidity constraints, especially in the USD, and the loss of important tools like letters of credit.<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Lack of Foreign Investment<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Lack of financing caused a loss of confidence in domestic banks, and therefore, most foreign investors. This caused a loss of basic cross-border remittances, which are usually sent in 3rd country transaction systems. These are usually more expensive and slower, causing more <a href=\"https:\/\/syriacapitalpartners.com\/blog\/what-trade-agreements-currently-benefit-syria\/\">inefficiency to the system and trade<\/a>.<\/p>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Cross Border Payments Under Sanctions&nbsp;<\/h2>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Sanctions cause complications to basic cross border payments:<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Greater Restrictions on Trade Financing<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>International banks were often legally barred \u2014 or chose to avoid legal and reputational risk \u2014 from providing trade finance to Syrian importers and exporters. This made it difficult for companies to <a href=\"https:\/\/syriacapitalpartners.com\/blog\/how-tyrian-banks-adapting-modern-financial-systems\/\">pay foreign suppliers <\/a>or secure cost-effective import contracts.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Money Transfer Disruption<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Remittance money transfers to family members in Syria and small local businesses from abroad are often closed, diverted to less costly but informal channels for slower transfers.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Increased Delay and Cost<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>While there are legal cross-border payments that can theoretically be done, there are a limited number of banks that are reviewed. These banks substantially increase the cost of doing business. Thus economically, these banks are a disincentive for doing legal international business.<\/p>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">The Removal of Sanctions and Integration into Global Systems<\/h2>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Starting with the year 2025, Syria underwent a major transformation with the first cases of positive and landmark policy changes:<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">The Lifting of Sanctions<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The US government officially removed a significant number of sanctions affecting Syria and ceased to name the country as an enemy state, the European Union, and the UK then followed suite and lifted many of there sanctions as well. Further, some other countries such as Switzerland has also removed there major econo9mic sanctions affecting the central bank and financial services, in connection with the wider international efforts to normalize relations.<\/p>\n\n\n\n<p>This alows for Syria to have the ability to reenter to the international financial sphere.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Reconnection to SWIFT<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Damascus announced that the country would get back into the SWIFT payment system, improving international payments and making cross border payments much faster. Reentry into SWIFT allows for Syria to be able to directly, and informally make payments to other countries. This is a positive step towards having a formal banking system for the country.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">World Bank Engagement<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>As the sanctions against Syria were eased, the World Bank has shown more optimism towards engagement. However, the focus now has to be on the macro-fiscal situation to be able to decide on the potential recovery. A recent World Bank report issued for 2025 outlines the economic base of Syria that has been eroded mainly due to the sanctions, but also highlights opportunities for support aimed at policy advocacy that is evidence-based.<\/p>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Benefits for Business and Investment<\/h2>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>There are several expected benefits with eased sanctions, as well as the country\u2019s reintegration into global systems.&nbsp;<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Access to Formal Finance Renewed: <\/strong>Trade finance, international banking, and remittances will be more accessible and are expected to readmit businesses.&nbsp;<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Direct Investment:<\/strong> With the absence of sanctions, there are lower risk premiums, and thus foreign direct investment becomes more viable. Any investment in the country\u2019s infrastructure, energy, and service industries will be a catalyst towards economic development in the heavily bypassed sectors.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Restoration of Financial Trust: <\/strong>Syria\u2019s disconnection from the SWIFT network and other international banking systems, and Syria\u2019s banking systems will restore international trust- thus enabling the country to gain new banking partnerships that foster economic growth.&nbsp;<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Greater Trade Opportunities:<\/strong> Reductions in transaction costs and faster trade are expected with new cross-border payment systems, enabling Syria to trade more through developed global and regional supply chains.<\/p>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Obstacles&nbsp;For Investments into Syria<\/h2>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>While some advancements have been made, many obstacles continue to limit progress:&nbsp;<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Modernisation of Banking:<\/strong> In terms of internationally accepted systems and standards, Syrian banks need to improve their systems, compliance and risk management frameworks and practices, including those for anti-money laundering and counter-terrorism financing, as well as compliance.&nbsp;<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Trust Deficits:<\/strong> Years of isolation, limited liquidity, and ineffective governance continue to restrict customers and investors confidence within the domestic banking system.&nbsp;<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Political and Security Risks:<\/strong> The overall political and security situation is likely to have an impact on investors and the speed of the country\u2019s integration into global markets.<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>A combination of conflict, war, and international sanctions has had a huge impact on the Syrian economy. For the last 14 years, the United States, the European Union, the United Kingdom, and other countries have had trade sanctions against Damascus, severely limiting the country\u2019s access to international finance, foreign banking, international payments, trade finance and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":294,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sanctions Affect Banking and Cross-Border Pay | Syria Capital Partners<\/title>\n<meta name=\"description\" content=\"Sanctions restrict banking by cutting access to international financial systems, correspondent banks, and payment 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