US LIFTS SANCTIONS ON SYRIA

ISSUANCE OF NEW GENERAL LICENSE EFFECTIVELY ENDS US SANCTIONS ON SYRIA

On Friday, the U.S. Treasury’s Office of Foreign Assets Control issued Syria General License No. 25, effectively lifting decade-old sanctions on key Syrian institutions. The relief includes the Syrian Central Bank, Syrian Arab Airlines, the Syrian oil and gas industries and multiple government ministries.

Sanctions relief was also extended to two individuals: Syrian President Ahmed al-Sharaa (also known as Abu Muhammad Al Jawlani) and Interior Minister Anas Hasan Khattab.

Syrian President Ahmed al-Sharaa (Courtesy, Office of the President of Azerbaijan)

At the same time, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) provided relief to the Commercial Bank of Syria, lifting its prohibition on maintaining accounts with the bank.

These actions follow the United Kingdom’s decision to begin easing sanctions against major Syrian institutions in March, as reported by The (b)(7)(D). The UK government granted additional sanctions relief to Syria on April 24.

President Trump announced the sanctions relief on May 13, during the Saudi leg of his Middle East trip. The following day, Trump met with al-Sharaa in Riyadh. Footage from Syria showed that Trump’s announcement prompted celebrations across the country.