1/23/2025–|Last updated: 1/23/202510:27 PM (Mecca time)
The Central Bank of Syria ordered commercial banks to freeze all accounts of people and companies linked to the regime of ousted President Bashar al-Assad, according to a document seen by Reuters news agency.
The circular issued today, Thursday, calls on banks to “freeze all bank accounts of companies and individuals linked to the defunct regime,” and to inform the Central Bank of the details of all frozen accounts within three working days.
The circular specifically called on banks to freeze accounts belonging to the Katerji Group, which is known for its involvement in the Syrian oil trade. The group was managed by the brothers Baraa and Hossam Katerji.
Baraa Katerji was killed in a suspected Israeli raid in Syria near the Lebanese border last July, and Israel did not comment on the raid.
Hossam Katerji and his companies are subject to US sanctions, including “facilitating oil shipments and financing to the Syrian regime,” according to the US Treasury Department website.
The Katerji family was part of a small circle of businessmen close to the Assad family who rose to prominence during the war in Syria that began in 2011 after the Assad government suppressed popular protests.
The rebels overthrew Assad on December 8. They have since formed a caretaker government and are making efforts to track financial flows linked to his regime.
One banker told Reuters, on condition of anonymity, that the central bank’s circular could not be easily implemented given that many businessmen linked to the Assad regime had created accounts in other people’s names, or used front companies.
The new Syrian administration had already implemented a general freeze on bank accounts after assuming power, but individuals were able to appeal the decisions and withdraw or transfer some funds.
A Syrian official familiar with the matter said that the new measures are intended to be more stringent and targeted and to help authorities collect information about financial affairs linked to the regime.
