Makhlouf Says ‘Miracle Solution’ Underway for Syria Crisis

Rami Makhlouf, Asharq Al-Awsat
Rami Makhlouf, Asharq Al-Awsat
TT
20

Makhlouf Says ‘Miracle Solution’ Underway for Syria Crisis

Rami Makhlouf, Asharq Al-Awsat
Rami Makhlouf, Asharq Al-Awsat

Rami Makhlouf, Syrian business tycoon and maternal cousin of President Bashar al-Assad, predicted on Thursday that a “miracle” settlement will soon lift Syria out of the chaos and devastation brought about by over a decade of civil war.

“The important thing today is to inform the Syrians of this message. The solution would be a miracle. How? What is the method? This is something I will keep to myself,” said Makhlouf in a video he posted on Facebook.

Branding his statements as “good news for Syrians,” Makhlouf said the solution will be “comprehensive, reached in the next few months and miraculous in the sense that all Syrians will support it.”

He voiced hope that the solution he is heralding is “real and would spell the end of suffering for Syrians.”

Makhlouf, in this video, avoided mentioning Assad and war profiteers, both of whom were at the center of the businessman’s more critical videos and posts on social media.

Makhlouf pled for the regime, namely his cousin, intervening to stop war-exploiting racketeers who raided one of his offices, stole important documents and used fraud and forgery to seize some of his assets.

Moreover, Makhlouf’s mobile network carrier, Syriatel, was placed under judicial custody in 2020.

The decision regarding Syriatel, one of only two carriers in the country, was taken to "guarantee the rights of the public treasury and the rights of the shareholders in the company", Syria’s administrative court wrote on Facebook.

Makhlouf called the asset seizure illegal and an attempt by the government to take the company away from him.

A court then placed a travel ban on Makhlouf, pending settlement of the dispute.



Syria Expects First Transfer with US Bank 'Within Weeks'

FILE PHOTO: A view of the Syrian central bank, after the ouster of Syria's Bashar al-Assad, in Damascus, Syria, January 12, 2025. REUTERS/Firas Makdesi/File Photo
FILE PHOTO: A view of the Syrian central bank, after the ouster of Syria's Bashar al-Assad, in Damascus, Syria, January 12, 2025. REUTERS/Firas Makdesi/File Photo
TT
20

Syria Expects First Transfer with US Bank 'Within Weeks'

FILE PHOTO: A view of the Syrian central bank, after the ouster of Syria's Bashar al-Assad, in Damascus, Syria, January 12, 2025. REUTERS/Firas Makdesi/File Photo
FILE PHOTO: A view of the Syrian central bank, after the ouster of Syria's Bashar al-Assad, in Damascus, Syria, January 12, 2025. REUTERS/Firas Makdesi/File Photo

Syria expects to have its first transaction with a US bank "in a matter of weeks", Syrian central bank governor Abdelkader Husriyeh said on Thursday, a day after a high-level meeting between Syrian and US commercial banks.

The resumption of transfers between Syrian and US banks would be a key milestone in the push by Syria’s new rulers to reintegrate the country into the global financial system after 14 years of civil war, Reuters reported.

Husriyeh on Wednesday held a virtual conference bringing together Syrian banks, several US banks and US officials, including Washington's Syria Envoy Thomas Barrack, with the aim of speeding up the reconnection of Syria's banking system to the global financial system.

This follows US President Donald Trump’s announcement in May that all sanctions on Syria would be lifted. That has been followed up with executive orders formally lifting some of the measures.

Syria's reintegration into the global financial system would be a major step towards enabling the kind of large financial transactions needed to kickstart its reconstruction and economic activity, and help rein in a highly informal, cash-based economy.

Husriyeh extended a formal invitation to US banks to re-establish correspondent banking ties following the ouster of former Syrian president Bashar al-Assad, whose crackdown on 2011 protests resulted in Western countries imposing one of the world’s strictest sanctions regimes.

"We have two clear targets: have US banks set up representative offices in Syria and have transactions resume between Syrian and American banks. I think the latter can happen in a matter of weeks," Husriyeh told Reuters.

Among the banks invited to Wednesday’s conference were JP Morgan, Morgan Stanley and CitiBank, though it was not immediately clear who attended.