Paris is creeping economically into Syria. Discussions on Banking, Finance and Oil

The CEO of the Syrian Petroleum Company discussed with the Chargé d'Affaires of the French Embassy in Damascus, Jean-Baptiste Favre, the prospects of the participation of French and European companies in energy projects inside Syria.

The Shura Petroleum Council said in a statement published on Monday (April 27th) on its official identifiers that the meeting comes in the context  of expanding its network of international partnerships within  the framework of "a plan to attract European and American energy companies to enter into exploration and production projects and enhance the presence of foreign investments in the oil and gas sectors."

She added that  the company's CEO, Eng. Youssef Qiblawi, discussed with Favre "the available investment opportunities and mechanisms to attract companies wishing to enter the Syrian market, in order to support the development of the sector and enhance cooperation during the next phase."

Syrian Petroleum  reviewed the series of meetings of its CEO with the delegations of international companies recently, especially the delegation of SDX Energy, with the participation of Amana Energy and Aleph Commodities,  which discussed exploration and exploration projects and joint investment possibilities in a serious attempt to build partnerships with specialized companies capable of providing the necessary technology and expertise to raise production capacity.

French movement in the Ministry of Finance

In parallel with the moves related to the oil and gas sector,  Finance Minister Mohamed Yousser Barnieh discussed with the French embassy charge d'affaires in Damascus ways to enhance economic and financial cooperation between Syria and European and international institutions.

 According to a statement by the Ministry of Finance, the discussion focused on the needs of financing development projects and the role of French and European institutions in supporting them, in addition to the existing cooperation with the IMF and the World Bank and the results of the recent spring meetings.

The statement quoted the French  official as welcoming the launch of the "Citizen's Budget" in Syria, while the minister stressed that the government is working to enhance transparency and make financial information available to the public, stressing the importance of sustainable development projects, especially in the affected areas in the Syrian peninsula and the south, and supporting the "Syria without Camps" initiative, which targets a number of governorates.

 Minister  Barnia reiterated the commitment of the Syrian state  to implement projects financed with high efficiency and governance within a vision aimed at achieving a gradual economic recovery, pointing out that there are plans to manage the external public debt and direct it towards investing in development projects inside the country.

Exclusive: Reopening of Central Bank of Syria Accounts in France

On Sunday, April 26, 2026, the  Governor of the Central Bank of Syria, Abdel Qader Al-Hasriya, discussed with Favre thedevelopment of practical foundations to end the international financial isolation that Syria is experiencing, through three interrelated tracks aimed at reconnecting the Syrian banking system with European markets.

The discussion focused on the restoration of official banking channels, where the exclusivity stressed the need to reopen the Central Bank of Syria's accounts in France, as a key step that practically means a return to the European financial system and the facilitation of the settlement of commercial payments, according to a statement issued by the Central Bank following the meeting.

The statement said that the Syrian and French sides discussed the legal and technical measures required to lift restrictions on Syrian balances and ensure the smooth movement of funds between the two countries in a way that supports import and export operations,  in addition to discussing the prospects of supporting development and reconstruction, especially after the French Treasury's decision in March 2026 to change Syria's classification to a country "open with conditions."

He discussed the repercussions of this decision on the ability of French companies to enter the Syrian market, especially in the energy and infrastructure sectors, stressing the Central Bank's readiness to provide a more stable and transparent financial environment. The French ambassador expressed his country's interest in contributing to the stability of the Syrian economy through official banking channels subject to international standards, which allows attracting new capital and restoring confidence in financial dealings with Damascus.

The two sides discussed the possibility of the Central Bank of France cooperating in providing technical support for the "Damascus Foreign Exchange and Gold Market" project, a new electronic platform that is being developed in accordance with global AML/CFT compliance standards.

French Treasury changes Syria's classification

Recent months have witnessed practical steps towards normalizing relations with Syria, most notably the lifting of sectoral sanctions on Syria by France and the European Union in May 2025, in conjunction with French moves within the United Nations to lift the remaining international restrictions.

In March 2026, the French Treasury reclassified Syria from a "closed" to "open with conditions" state, allowing French companies to return to the Syrian market, especially in the fields of energy, telecommunications, and infrastructure.

France is the first European stop for the legitimate president

Since the beginning of 2025,  relations between Syria and France have undergone a radical transformation as Paris has moved from a policy of estrangement and sanctions to playing the role of a "facilitator" of the Syrian national agreements and a supporter of the path of reconstruction and economic openness.

This shift was first embodied in France's full recognition of the government of President Ahmed al-Shara, who chose Paris as the first European stop in May 2025, before direct contacts between him and French President Emmanuel Macron continued to strengthen bilateral relations and rebuild political trust.

Paris was the first to break the European isolation from Damascus, with the visit of French Foreign Minister Jean-Noël Barrot in January 2025, and then his second visit in February 2026, where he stressed that fighting terrorism and preventing the return of ISIS remains an "absolute priority" for France in parallel with supporting political and economic stability.