Syria issues first letter of credit for Saudi Aramco petroleum deal

Syria's ​central bank ​said on ‌Sunday it had ​issued its first letter of ‌credit in 14 years to facilitate a petroleum products supply deal between ‌the Syrian Petroleum Company and Saudi ‌Aramco. The bank said the transaction was arranged in coordination with a major ⁠US ​bank, ⁠which it did not name, opening ⁠a channel to finance oil imports and ​settle payments through the formal banking ⁠system.

The move marks a step toward ⁠restoring ​Syria's access to international banking channels following the removal ⁠of US sanctions and its designation as ⁠a ⁠state sponsor of terrorism.