Visa and Mastercard begin processing transactions in Syria after sanctions status change
Visa and Mastercard have completed their first international card transactions in Syria, following a decision by the US government to remove the country from its list of state sponsors of terrorism. For years, Syria was largely cut off from mainstream global payment networks because of sanctions tied to that designation, which restricted banks and payment processors from doing business there. With the designation lifted, card networks and financial institutions have more legal room to re-establish or expand services in the country. This does not mean instant, full access for every business or consumer in Syria. Banks still need to rebuild correspondent banking relationships, put compliance checks in place, and assess ongoing risk before offering widespread services. But the completion of these first transactions is a concrete signal that the infrastructure is being reconnected, at least partially, after a long period of isolation. For people who send money to family in Syria, run a bu...