Watan-The Central Bank of Syria issued a decision to freeze all bank accounts belonging to companies and individuals associated with Bashar al-Assad’s regime, requiring banks to submit a detailed list of frozen accounts within three days. The decision includes the well-known “Qaterji Group,” managed by Baraa and Hussam Qaterji, known for their role in Syrian oil trade and facilitating the Syrian regime’s financing, which had previously subjected them to U.S. sanctions.
Authorities face significant challenges in implementing this decision, particularly as many businessmen associated with the regime have opened accounts under other people’s names or created front companies to avoid freezing. This measure is part of the new administration’s efforts to improve oversight of financial flows linked to the Syrian regime and enhance transparency in the banking sector, which has been used for years to circumvent international sanctions.
It is worth noting that the Qaterji family, part of a tight-knit circle of businessmen close to Assad, has been implicated in mediating between the regime and ISIS. Despite the accusations against them and their involvement in serious violations, most of them remain unaccountable.
Observers believe that while the directive issued by the Syrian Central Bank is significant, it may not be sufficient to halt financial evasion, especially since many of the targets have previously succeeded in challenging similar decisions or transferring their funds out of the authorities’ reach.
The recent measures highlight the regime’s attempts to avoid a crippling economic crisis at a time when Assad heavily relies on a network of businessmen and companies to bypass sanctions. This raises questions about whether the freezing of accounts will effectively curb the flow of funds used to support the regime and sustain its crimes against Syrians.
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