Syria's new ruling administration has cancelled a contract with a Russian firm to manage and operate the country's Tartous port that was signed under former President Bashar al-Assad, according to three Syrian businessmen and media reports.

Syria's new administration has annulled a contract with Russian firm STG Stroytransgaz to manage Tartous port, originally signed under Bashar al-Assad. The cancellation follows the firm's failure to meet contractual terms.

The new authorities in Syria ended an agreement with the Russian company managing the key port of Tartous in the latest sign of Russia's waning influence in the country after the fall of the regime.

Assad, the Russian-backed dictator of Syria, has led to Russia needing to evacuate its military presence from the country. To achieve this, in addition to airlifting the most valuable equipment, Russia has dispatched ships to Syria to remove the remaining assets.