Syria reportedly ends currency printing deal with Russia, eyes UAE, Germany for new banknotes
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.
Assad’s removal has opened the door to tentative diplomatic re-engagement with both Western and Arab capitals, even as Syria remains mired in internal instability. U.S. President Donald Trump said on May 13 that he ordered the lifting of sanctions on Syria.
The new Syrian President Ahmed al-Sharaa, who assumed power following the ousting of al-Assad and recently met with Trump, has moved to end Syria’s years of isolation and crippling international sanctions.
Ukraine has also opened dialogue with the new Syrian government. Foreign Minister Andrii Sybiha visited Damascus in December 2024, saying at the time that Kyiv and Damascus share similar views on Russia’s continued military presence.
The Kyiv IndependentKateryna Hodunova