Syria's president pays for coffee with Visa card as Damascus rejoins global financial systems
Syria's president paid for a coffee in Damascus with a Visa card this week to mark the country's removal from the US list of state sponsors of terrorism and the reconnection of its banks to the global financial system.
Published on 27/08/2026 - 11:13 GMT+2
A cup of coffee in the Old City of Damascus became Syria's chosen symbol of global economic reintegration.
Syrian President Ahmed al-Sharaa, accompanied by central bank governor Mohammed Safwat Raslan, tapped a Visa card at a café in a video posted by an official government account to mark Washington's decision to strike the country from its terrorism blacklist.
"For more than 15 years, this simple transaction was impossible," the accompanying post read.
Raslan called the delisting "a historic step that restores the country to its natural place in the global economic system."
What sanctions were lifted?
The US State Department rescinded Syria's designation as a state sponsor of terrorism on Monday, ending a listing that had stood since 1979.
It took effect after a 45-day congressional review triggered by US President Donald Trump's July notification to lawmakers.
The decision came alongside the removal of Hayat Tahrir al-Sham, the former paramilitary group that led the offensive resulting in the fall of the al-Assad regime in Syria, from a specially designated global terrorist list.
Most US sanctions had already gone before. The comprehensive programme was terminated in mid-2025 and Congress repealed the Caesar Act — its most severe secondary sanctions regime — in a December 2025 defence spending bill.
However, the terrorism designation carried restrictions on financial transactions that continued to deter banks and investors.
The US Treasury has since confirmed that American financial institutions may service Syrian clients, process payments involving Syrian banks and establish correspondent banking relationships.
The action "will help foster additional investment in Syria to promote political and economic stability," US Treasury Secretary Scott Bessent said.
Delisting amounts to "effectively, a green light" for reconstruction investment, according to Tellimer, a Dubai-based emerging markets research firm, which expects banking, technology and telecommunications to gain most from restored SWIFT access.
Measures remain against ousted dictator Bashar al-Assad's associates, human rights abusers and captagon traffickers, and Syria is still on the G7's Financial Action Task Force grey list over money-laundering concerns.
Where the EU stands
Brussels has moved alongside the US when it comes to lifting sanctions on Syria.
The European Council lifted all economic sanctions in May 2025, retaining only those imposed on security grounds, including arms and technology that could be used for internal repression of the population.
It went further this year.
On 11 May the Council restored full application of the EU-Syria Cooperation Agreement, suspended in part since 2011, and held its first high-level political dialogue with Damascus since before the civil war.
A week later it renewed measures against figures linked to the former regime until June 2027 while de-listing seven entities, among them the interior and defence ministries now run by the transitional authorities.
