Syrian authorities expel Russia from Tartus, Damascus ends currency printing deal with Russia
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Syrian television reported that the Syrian Arab Ports Authority, after breaking the agreement with the Russian side on the Tartus seaport, signed a memorandum with the port operator DP World of UAE.
Syrian media also note that the implementation of this project will strengthen Tartus’ position as a “key hub for regional and international trade.” In addition, the leadership of the SAR and the world’s largest port operator DP World agreed to work together to organize special economic zones, as well as to build terminals and transit hubs in various regions of the country. It is known that in January, the new government of the Syrian Arab Republic unilaterally terminated the agreement with the Russian Federation on the management of the port of Tartus, concluded in 2019 for 49 years.
Earlier, the new Syrian authorities have made an official demand to Russian President Vladimir Putin regarding the fugitive dictator Bashar al-Assad.
However, during the recent visit of the Russian delegation to Damascus, it tried to assure the Syrian authorities that the Assad family allegedly has no investments in Russian assets. During these negotiations, the Syrian authorities again raised the issue of extraditing the former dictator to bring him to trial. In turn, representatives of the Russian Federation insisted that “this issue should not become an obstacle to the normalization of relations between the countries.” As is known, the Russian Federation is trying to establish cooperation with the new leadership of Syria in order to preserve its military bases in this country. The new head of the Syrian Ministry of Defense, Murhaf Abu Kasra, stated in early February that the fate of Russian military bases would depend on the interests of the Syrian state.
Syria plans to print a newly designed currency in Germany and the UAE instead of Russia, marking a departure from over a decade of wartime cooperation, Reuters reported on May 16, citing three unnamed sources familiar with the matter.
The decision reflects a shift in Damascus’s foreign policy and economic posture following the fall of Russian-backed dictator Bashar al-Assad in December 2024.
As sanctions against Syria ease, the new leadership is seeking deeper ties with Arab and Western countries, ending its reliance on Moscow.
Syrian authorities are reportedly in preliminary talks with Oumolat, which is based in the UAE. In Germany, the state-owned Bundesdruckerei and the private company Giesecke+Devrient have also expressed interest. Two Syrian sources told Reuters that the governor of Syria’s central bank and the finance minister visited Oumolat in early May. A separate European official confirmed German interest in the new currency deal.
Russia had been Syria’s leading banknote producer since EU and U.S. sanctions cut off access to European contractors more than a decade ago. That partnership effectively ends this year.
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