Opinion
Syrian Debt: How the Bank of Russia Won a War No One Noticed
On August 9, 2026, Syria and Russia signed a memorandum of understanding which resolved the fate of Russian military bases in Khmeimim and Tartus. The bases will be converted into joint training centres, and control of the civilian infrastructure will be transferred to Damascus. News reports have heralded a “compromise” and a “new chapter”. This is all true, but it’s not the whole truth, as, in our view, the truth lies elsewhere—in the realm of debt and currency clearing.