UK lays out post-sanctions Syria investment rules as business interest grows

Britain on Tuesday set out rules for companies and banks considering investing in Syria, responding to growing interest from businesses after Western powers rolled back sanctions to support reconstruction.

Syria is seeking to rebuild after the collapse of former president Bashar al-Assad's decades-long rule last December. His overthrow has prompted Britain and the United States to ease sanctions and advise companies considering investing.

In guidance published on Tuesday, the British government noted the commercial opportunities and said it is supportive of "businesses investing, trading, and operating in Syria, where that activity is compliant with UK legislation, and where the end destination is Syria."

It stressed compliance with sanctions law, export controls and anti-money laundering rules. It also outlined licensing routes, including general licences and humanitarian exemptions.

The government warned of high risks, however, including corruption and sanctions evasion.

In April, Britain lifted sectoral sanctions, reopening energy, transport and finance, while Washington terminated its Syria sanctions programme in June under new waivers. The EU has also eased measures tied to reconstruction.

A World Bank report predicted the cost of Syria's reconstruction at $216 billion, saying the figure was a "conservative best estimate". 

(Reuters)