The fall of Bashar al-Assad in December 2024 sparked widespread hopes for Syria’s long-awaited recovery. Sanctions were lifted, investors returned, and international optimism surged. Yet, six months into the transition, the promise of renewal remains elusive for most Syrians. This policy paper reveals why sanctions relief alone cannot rebuild Syria. Beneath the surface of renewed engagement lie deep structural weaknesses, risky economic governance under Hay’at Tahrir al-Sham, and fragile political institutions that threaten to derail recovery. Drawing on extensive analysis, the paper argues that genuine reconstruction must go beyond capital inflows and quick reforms. It calls for an inclusive political transition, transparent governance, and policies that protect the vulnerable while revitalising Syria’s productive sectors. Unless these foundations are laid, sanctions relief may become a missed opportunity—turning Syria’s moment of hope into yet another cycle of exclusion and instability.