Last week, news emerged that Rami Makhlouf, cousin of president Bashar al Assad and allegedly the wealthiest man in Syria, had been placed under arrest by the regime, and his substantial holdings transferred to other parastatals. While it is still too early to tell, the most interesting aspect of the emerging story is that the move against Makhlouf was done at the behest of Russia who allegedly demanded $3 billion from the Assad regime who in turn asked Makhlouf – the man sometimes referred to as the regime’s banker.
When Makhlouf refused, Russia produced documentation that showed he could, in fact, produce the funds within three months. This prompted Assad to imprison Makhlouf and his associates and seize nearly all of his assets in Syria. If true, the move represents a radical reshuffling of the Syrian regime’s power structure and, as importantly, the move came at the behest of a foreign patron. What we may be seeing is the full transformation of the Assad regime into a Russian client state at the expense of not only the Syrian regime, but also Iran, it’s other major foreign backer.
The Makhlouf clan has been a vital pillar in the Syrian reigning dynasty; Hafez Assad’s wife Anisa Makhlouf outlasted her husband who died in 2000 and has been described as extremely influential within the ruling circles. Bashar’s cousin, Rami, has benefited greatly from his connection to the center of power and used it to amass a small fortune within Syria through his controlling shares in SyriaTel, one of the country’s two telecoms, the country’s duty free shops, shares in several banks, along with vast real estate holdings.
