Syria completes first global SWIFT transfer since war, governor says
FILE PHOTO: Bundles of Syrian currency notes are stacked up as an employee counts money at Syrian central bank in Damascus, Syria, January 12, 2025. REUTERS/Firas Makdesi/File Photo
DAMASCUS - Syria has carried out its first international bank transaction via the SWIFT system since the outbreak of its 14-year civil war, its central bank governor said on Thursday, a milestone in Syria's push to reintegrate into the global financial system.
Central bank governor Abdelkader Husriyeh told Reuters in Damascus that a direct commercial transaction had been carried out from a Syrian to an Italian bank on Sunday, and that transactions with U.S. banks could begin within weeks.
"The door is now open to more such transactions," he said.
Syrian banks were largely cut off from the world during the civil war after a crackdown by Bashar al-Assad on anti-government protests in 2011 led Western states to impose sanctions, including on Syria's central bank.
Assad was ousted as president in a lightning offensive by Islamist-led rebels last year and Syria has since taken steps to re-establish international ties, culminating in a May meeting between interim President Ahmed al-Sharaa and U.S. President Donald Trump in Riyadh.
The U.S. then significantly eased its sanctions and some in Congress are pushing for them to be totally repealed. Europe has announced the end of its economic sanctions regime.
Syria needs to make transfers with Western financial institutions in order to bring in huge sums for reconstruction and to kickstart a war-ravaged economy that has left nine out of 10 people poor, according to the United Nations.
Husriyeh chaired a high-level virtual meeting on Wednesday bringing together Syrian banks, several U.S. banks and U.S. officials, including Washington's Syria envoy Thomas Barrack.
The aim of the meeting was to accelerate the reconnection of Syria's banking system to the global financial system and Husriyeh extended a formal invitation to U.S. banks to re-establish correspondent banking ties.
"We have two clear targets: have U.S. banks set up representative offices in Syria and have transactions resume between Syrian and American banks. I think the latter can happen in a matter of weeks," Husriyeh told Reuters.
Among the banks invited to Wednesday's conference were JP Morgan, Morgan Stanley and Citibank, though it was not immediately clear who attended. REUTERS
Join ST's Telegram channel and get the latest breaking news delivered to you.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
21 minutes ago
- Straits Times
British lawmakers to vote on landmark assisted dying law
FILE PHOTO: Kim Leadbeater reacts during an interview about the Assisted Dying Bill in Westminster, London, Britain, October 15, 2024. REUTERS/Jaimi Joy/File Photo FILE PHOTO: A protestor holds a placard as they gather outside the parliament as British lawmakers debate the assisted dying law, in London, Britain, November 29, 2024. REUTERS/Mina Kim/File Photo LONDON - British lawmakers will vote on Friday on whether to proceed with a bill to legalise assisted dying for terminally ill people, in what would be the biggest social reform in the country for a generation. Last November, lawmakers voted 330 to 275 in favour of the principle of allowing assisted dying, paving the way for Britain to follow Australia, Canada and other countries, as well as some U.S. states. Now, after months of scrutiny, amendment and emotional debate, the bill must clear another stage of voting to keep it on the road to legalisation, a process that could still take months. A vote against would stop it in its tracks. The Labour lawmaker who has proposed the new law, Kim Leadbeater, said there could be a reduction in the number of members of parliament who support the bill on Friday, but she was confident it would still be approved. One member of parliament who supports the legislation said there were about a dozen votes between those in favour and against, with a number yet to declare their position. Dozens of lawmakers earlier in June signed a letter to the leader of the House of Commons saying that there had not been enough time to debate the details of such a consequential law change. Leadbeater said her biggest fear was that if the legislation was voted down, then it could be another decade before the issue returns to parliament. The issue was last considered in 2015 when lawmakers voted against it. "It works and it is safe, and it provides dignity to terminally ill people," she told reporters before the vote. "This is not an either or when it comes to palliative care or assisted dying. It is about choice for people." PUBLIC SUPPORT Opinion polls show that a majority of Britons back assisted dying, and supporters say the law needs to catch up with public opinion. But, since the initial vote, some lawmakers say they are worried the bill's protections against the coercion of vulnerable people have been weakened. Under the proposed law, mentally competent, terminally ill adults in England and Wales with six months or fewer to live would be given the right to end their lives with medical help. In the original plan, an assisted death would have required court approval. That has been replaced by a requirement for a judgement by a panel including a social worker, a senior legal figure and a psychiatrist. Lawmakers have also raised questions about the impact of assisted dying on the finances and resources of Britain's state-run National Health Service and the need to improve palliative care. Prime Minister Keir Starmer's Labour government is neutral on the bill, meaning politicians can vote according to their conscience rather than along party lines. Lawmakers will hold a final debate on the legislation on Friday morning before a likely vote in the afternoon. If it passes, the legislation will be sent to the House of Lords, parliament's upper chamber, for further scrutiny. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
36 minutes ago
- Straits Times
China unleashes hackers against its friend Russia, seeking war secrets
The hacking campaign shows that, despite this partnership and years of promises not to hack each other, China sees Russia as a vulnerable target. PHOTO: REUTERS Since the beginning of the war in Ukraine, groups linked to the Chinese government have repeatedly hacked Russian companies and government agencies in an apparent search for military secrets, according to cyber analysts. The intrusions started accelerating in May 2022, just months after Moscow's full-scale invasion. And they have continued steadily, with Chinese groups worming into Russian systems even as President Vladimir Putin of Russia and President Xi Jinping of China publicly professed a momentous era of collaboration and friendship. The hacking campaign shows that, despite this partnership and years of promises not to hack each other, China sees Russia as a vulnerable target. In 2023, one group, known as Sanyo, impersonated the e-mail addresses of a major Russian engineering firm in the hunt for information on nuclear submarines, according to TeamT5, a Taiwan-based cybersecurity research firm that discovered the attack in 2024 and linked it to the Chinese government. China is far wealthier than Russia and has plenty of homegrown scientific and military expertise, but Chinese military experts often lament that Chinese troops lack battlefield experience. Experts say that China sees the war in Ukraine as a chance to collect information about modern warfare tactics, Western weaponry and what works against them. 'China likely seeks to gather intelligence on Russia's activities, including on its military operation in Ukraine, defense developments and other geopolitical maneuvers,' said Mr Che Chang, a researcher with TeamT5. It is unclear how successful these attempts have been, partly because Russian officials have never publicly acknowledged these intrusions. But a classified counterintelligence document from Russia's domestic security agency, known as the FSB, makes clear that intelligence officials are concerned. The document, obtained by The New York Times, says that China is seeking Russian defence expertise and technology and is trying to learn from Russia's military experience in Ukraine. The document refers to China as an 'enemy'. With Mr Putin largely cut off from the West, his country has come to rely on China to buy its oil and sell it technology that is essential to its war effort. Moscow and Beijing have formed a bloc against Washington and its allies, alarming Western leaders. The FSB document presents a more complicated relationship than the 'no-limits' partnership that Mr Xi and Mr Putin describe. Allies have been known to spy on one another, but the extent of China's hacking activities against Russia suggests both a higher level of mutual distrust and a reluctance by the Kremlin to share all that it is learning on the battlefield in Ukraine. Drone warfare and software are of particular interest to China, the document says. 'The war in Ukraine fundamentally shifted intelligence priorities for both countries,' said Mr Itay Cohen, a senior researcher with cybersecurity firm Palo Alto Networks who has followed Chinese hacking groups for years. Experts say, and the document indicates, that China wants to learn from Russia's war experience to bolster its own preparedness for potential future conflicts. Taiwan, in particular, is a major potential flashpoint with the West. One Chinese government-funded group has targeted Rostec, the powerful Russian state-owned defense conglomerate, seeking information on satellite communications, radar and electronic warfare, according to Palo Alto Networks. Others have used malicious files, intended to exploit vulnerabilities in Microsoft Word, to penetrate Russian aviation industry targets and state bodies. Messages seeking comment were left with the Kremlin and the Chinese Embassy in Moscow. Not all Chinese hacking groups operate at the behest of the government. But security experts have seen evidence of government ties. Russian cybersecurity firm Positive Technologies, for example, said in 2023 that cyberattacks had been mounted on several Russian targets, including in the aerospace, private security and defense sectors. The attackers used a tool known as Deed RAT, which is widely deployed by Chinese state-sponsored hackers. Cybersecurity experts say Deed RAT is considered 'proprietary' among these groups and is not available for purchase on the dark web like other malware tools. That has enabled state-backed hacking groups in China to use it more widely because it is tough for their adversaries to find a way to combat the malware. Chinese state-sponsored hacking groups have often targeted international companies and government institutions, including in the United States and Europe. But hacking groups appear to have become more interested in Russian targets after the country's February 2022 invasion of Ukraine. Mr Chang said he and his colleagues tracked several Chinese hacking groups targeting Russia. Among them was one of the country's most active hacking groups, known as Mustang Panda. Little is known about Mustang Panda's origins or where it operates inside China, according to researchers who have studied the group. Its activities often accompanied China's Belt and Road economic development initiative, according to Mr Rafe Pilling, director of threat intelligence at security firm Sophos. As China invested in development projects in West Africa and Southeast Asia, he said, hacking soon followed. That is most likely because China invests in countries where it has political and economic interests, which motivates state-sponsored hackers, Mr Pilling said. After Russia invaded Ukraine, TeamT5 said that Mustang Panda expanded its scope to target governmental organizations in Russia and the European Union. Mr Pilling, who has been monitoring Mustang Panda's activities for several years, says he suspects that the group is backed by China's Ministry of State Security, its main intelligence body. The ministry supports threat groups that attack targets around the world, he said. In 2022, Mustang Panda targeted Russian military officials and border guard units near the Siberian border with China. 'The targeting we've observed tends to be political and military intelligence-gathering,' Mr Pilling said. That is true of all Chinese hacking groups targeting Russia, he said. 'I think of them as being one of the main tools that the Chinese state has for gathering political and economic intelligence.' NYTIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
an hour ago
- Straits Times
Australia shuts down Tehran embassy as Iran-Israel conflict escalates
Minister for Foreign Affairs of the Commonwealth of Australia Penny Wong addresses the \"Summit of the Future\" in the General Assembly hall at United Nations headquarters in New York City, U.S., September 23, 2024. REUTERS/David Dee Delgado/File Photo SYDNEY - Australia said on Friday it had suspended operations at its embassy in Tehran, citing "a deteriorating security environment" as Israel hit Iran's nuclear facilities again, and the week-old air war showed no sign yet of an exit strategy from either side. Israel launched a sweeping aerial campaign against Iran last Friday, calling it a preemptive strike to prevent Iran from developing nuclear weapons. Iran has denied any such plans and retaliated by launching counterstrikes on Israel. "The Australian government has directed the departure of all Australian officials and dependents ... based on advice about the deteriorating security environment in Iran," Foreign Minister Penny Wong said in a statement. Consular staff are being deployed to neighbouring Azerbaijan, including its border crossings, to support Australians departing Iran, Wong said. "We remain in close contact with other partner countries. At this stage, our ability to provide consular services is extremely limited due to the situation on the ground. The airspace remains closed," she added. Australia's ambassador to Iran, Ian McConville, would remain in the region to support the government's response, Wong said. More than 1,500 Australians and their families in Iran have sought assistance to leave the country, official data showed. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
