Syria Using Maze of Shell Companies to Avoid Sanctions on Assad Regime’s Elite

The Syrian regime is actively setting up shell companies within Syria, according to official documents I provided to The Guardian. The documents show that three nearly identical companies were recently established on the same day, with the explicit purpose of buying shares and managing other companies. In this article, Tessa Fox and I present the links between the owners of the new shells and influential members in the Syrian regime, such as Yasar Ibrahim and Khodr Ali Taher. Since the finalization of the article, a few more shell companies have been set up, highlighting a systemic attempt at circumventing sanctions and avoiding accountability. Last October, Syria’s economy minister, Muhammad Samer al-Khalil, said that “evading sanctions has become a Syrian craft,” and called on foreign investors reluctant to join the market because of sanctions “not to appear under their true names in the local market.” We also discuss the implications for Western sanctions on Syria, with comments from experts and officials.