Japan Partially Lifts Asset Freeze on Syrian Institutions from the Assad Era

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Japan announced on Tuesday the expansion of the partial easing of sanctions imposed on Syria, by lifting the freezing of assets and other measures on 16 entities, including banks, oil companies, government institutions, and the ministries of defense and interior.

The Japanese Ministry of Foreign Affairs stated that the decision was made in light of the developments in the situation in Syria and the bilateral relations between Tokyo and Damascus, and it came into effect following a notification issued by the Japanese foreign ministry on September 29, 2026.

This decision represents the second phase of easing these measures since the fall of Bashar al-Assad's regime in December 2024, after Tokyo began to partially ease them in May of last year.

Japan had imposed asset freezes and other measures on Assad and individuals and entities linked to him since 2011, as part of the sanctions it took against Syria during his rule.

According to the Japanese decision, the list of entities from which the measures were lifted included "Syratel", the Military Housing Foundation, the Real Estate Bank, the Political Security Directorate, the Syrian Commercial Bank, and the Lebanese Syrian Commercial Bank. It also included the Syrian Company for Oil Marketing "Sytrol", the General Oil Corporation, the Syrian Oil Company, and the Syrian Oil Transport Company.

The step also included the General Authority for Radio and Television, the International Islamic Bank of Syria, the Ministries of Defense and Interior, the General Organization for Cotton Ginning and Marketing, and the "Mahrukat" company, which is the Syrian company for the storage and distribution of petroleum materials.

The Japanese Foreign Ministry confirmed that the step represents a partial lifting of the measures, not a complete end to the sanctions. After the new decision, asset freezing measures and other measures will remain in effect on 59 individuals and 15 entities, including former Syrian President Bashar al-Assad and related individuals and entities.

Tokyo had taken the first step in this direction on May 30, 2025, when it lifted asset freezes and other measures on four Syrian banks: the Industrial Bank, the People's Credit Bank, the Savings Bank, and the Cooperative Agricultural Bank.

After that decision, the measures remained in effect on 59 individuals and 31 entities. With the removal of 16 new entities in the current decision, the number decreases to 15 entities, meaning that Japan has lifted these measures from 20 Syrian entities in the two phases since May 2025.

The Japanese Foreign Ministry had clarified when taking the first step that Tokyo considered the efforts of the new Syrian authorities to achieve a comprehensive political settlement and dialogue for national reconciliation, along with the move towards a peaceful and stable transfer of power. It stated that it would continue to monitor developments and take appropriate actions in coordination with the international community.

According to the official Japanese definition, the asset freezing measures aim to prevent the transfer of funds to and from listed individuals and entities, by requiring approval from Japanese authorities to make payments and financial transfers with them, based on the Foreign Exchange and Foreign Trade Act.

Thus, the decision in September 2026 represents a new expansion in the path of easing Japanese measures related to Syria, while keeping part of the sanctions system in place against dozens of individuals and entities.