Syria, Russia discuss ways of enhancing cooperation in economic and banking sectors

MOSCOW, JUN.8, (ST)- Minister of Finance, Dr. Kenan Yaghi, held a meeting with his Russian counterpart, Anton Siluanov, in Saint Petersburg, on the sidelines of the Saint Petersburg International Economic Forum.

The meeting dealt with enhancing economic and financial cooperation between the two countries, as the two sides agreed to follow up discussions on technical cooperation in the tax and customs fields, and to enhance cooperation in the banking and insurance sectors.

It was also agreed to expedite the signing of a draft memorandum of understanding between the Ministry of Economy and Foreign Trade and the Eurasian Economic Union, which will grant Syrian products preferential tax and customs benefits upon their entry into the Union countries.

As for banking sector, the two sides agreed to increase the number of bank accounts between Syrian and Russian banks, and to expand the use of the Russian Financial Settlements System (SPRS) as an alternative to the Western SWIFT system.

Securing the necessary funding for projects agreed to be implemented in Syria related to the agreement to expand trade and economic cooperation between the two countries was also on the table.

Basma Qaddour