Syria’s Central Bank Orders Freeze on Accounts Linked to Former President Assad’s Regime
Syria’s central bank has instructed commercial banks to freeze all accounts tied to individuals and companies linked to the ousted regime of former President Bashar al-Assad.
This directive, outlined in a circular issued on Thursday, demands banks report details of frozen accounts to the central bank within three working days.
The move specifically targets the Katerji Group, a major player in Syria’s oil trade, run by brothers Baraa and Hussam Katerji. Baraa Katerji was killed in July during a suspected Israeli strike near Syria’s border with Lebanon—a strike Israel has not publicly addressed. Hussam Katerji and his businesses are already under US sanctions for allegedly facilitating petroleum shipments and financial support to the Assad regime, according to the US Treasury. Attempts to reach Hussam Katerji for comment were unsuccessful.
The Katerji brothers were part of a small circle of businessmen who gained influence during the Syrian civil war, which began in 2011 after Assad’s government violently suppressed anti-government protests. Assad was ousted on December 8 by Islamist rebels, who have since established an interim government and are intensifying efforts to trace financial flows linked to his administration.
A banker familiar with the situation, speaking on condition of anonymity, noted that implementing the new measures may prove challenging. Many regime-linked figures reportedly used front companies or set up accounts under other names to shield their assets.
Although the new administration had already frozen bank accounts upon taking power, some individuals managed to challenge the orders, withdrawing or transferring funds. According to a Syrian official, the latest measures aim to be stricter and more targeted, helping authorities uncover financial networks associated with the Assad regime.
