Japan Delists 16 Syrian Entities From Asset Freezes as Ties With Damascus Widen
Four banks, Syriatel and five state energy bodies come off Tokyo's sanctions list, though 59 individuals and about 15 entities remain designated.
Tariq Benali Tariq Benali covers business and corporate news across the UAE and MENA for Anecdoted, tracking the deals, leadership moves and regulatory shifts behind the region's companies. tariq@anecdoted.com
Japan's foreign ministry removed 16 Syrian entities from its asset-freezing list on Tuesday, covering four banks, the country's largest mobile operator and several state energy bodies. The step extends a partial easing that started in May 2025 and reflects what Tokyo called developments inside Syria and in its own bilateral relationship with Damascus.
Among the financial institutions taken off the list are the Real Estate Bank, the Commercial Bank of Syria, the Syrian Lebanese Commercial Bank and Syria International Islamic Bank. Five energy bodies were also released: Sytrol, the state crude trader; Mahrukat, which stores and distributes petroleum products; the Syrian Company for Oil Transport; the Syrian Petroleum Company; and the General Petroleum Corporation. Syriatel and the Military Housing Establishment were dropped as well.
Japan first imposed the measures in 2011 and began unwinding them after the Assad government collapsed in December 2024. The earlier round, in May 2025, lifted restrictions on four other banks — the Industrial Bank, Popular Credit Bank, Saving Bank and Agricultural Cooperative Bank — leaving 59 individuals and 31 entities designated at that time.
What stays frozen
The latest decision does not dismantle the framework. The number of listed individuals is unchanged at 59, among them Bashar al-Assad, his brother Maher al-Assad and businessman Rami Makhlouf. Roughly 15 entities remain designated, including the Syrian General Intelligence Directorate, Syrian Military Intelligence, Syrian Air Force Intelligence, Hamcho International Group, Cham Holding and the Scientific Studies and Research Center.
Under the Foreign Exchange and Foreign Trade Act, payments and capital transactions involving anyone still on the list require government permission. The 16 entities that were delisted no longer fall under that requirement, though the Syria program itself stays in force.
Trade stays small
Commercial flows between the two countries remain modest. Japanese exports to Syria totaled $610,000, or ¥96 million, in 2024, while goods shipped the other way were worth $127,000. The foreign ministry cites Finance Ministry trade statistics for both figures.
Sanctions relief has moved alongside renewed political consultations and restarted economic cooperation, pointing to a widening of ties, even as restrictions on dozens of people and entities linked to the former government remain in place.
Both governments have signaled an interest in more economic cooperation. In August they agreed to deepen links across political and economic fields, and a private-sector dialogue in June examined what Japanese public-private partnerships could contribute to reconstruction and economic development.
Assistance to Damascus
During a visit to Damascus in December 2025, Tokyo said it would provide an additional $53 million in assistance for Syria, on top of aid delivered through international organizations and nongovernmental organizations.
