Bashar al-Assad has resigned and fled Syria, Russia’s Foreign Ministry confirmed on Sunday, signaling a dramatic end to his decades-long grip on power as rebel forces seized the capital, Damascus.
Why It Matters: The collapse of Assad’s regime, long bolstered by Russian airpower and Iranian militias, reshapes the Middle East’s geopolitical landscape. The fallout could ignite regional instability and send shockwaves through global markets.
What Happened: Earlier on Sunday, the main rebel coalition, Hayat Tahrir al-Sham (HTS), declared victory in Damascus, claiming Syrian forces had withdrawn. Hours later, Moscow confirmed Assad had left the country, calling it a “personal decision.” Assad’s departure marks a stunning turn for a leader who clung to power through years of civil war.
Big Picture: The power vacuum left by Assad’s resignation poses urgent risks: a potential scramble for control among rival factions, increased refugee flows to neighboring countries, and a reshuffling of alliances that could weaken Russian and Iranian influence in the region.
Impact On Rates: Geopolitical instability typically drives investors to safe-haven assets like U.S. Treasuries, which could push interest rates lower. While Syria’s direct role in oil markets is limited, traders are likely to watch for ripple effects on broader regional stability.