Treasury Announces Syria Sanctions Relief With New General License
The Treasury Department issued a new general license last week that it said gives “immediate” sanctions relief to Syria, “effectively lifting sanctions” on the country in the aftermath of last year’s fall of the Bashar Assad regime.
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New General License 25 authorizes all transactions that would normally be prohibited by the Syrian Sanctions Regulations, except for transactions with certain blocked parties. The license specifically authorizes transactions with the Syrian government, including Syrian President Ahmed al-Sharaa and his administration, and any of the more than 25 people and entities listed in the annex to the license. They include Syrian Arab Airlines, the Central Bank of Syria, the Syrian Ministry of Tourism, the Syrian Gas Company and more. The license also authorizes transactions with any entity owned by 50% or more by the people or entities listed in the annex.
The license will allow for “new investment and private sector activity” in Syria, Treasury said. It also said the State Department is issuing a waiver under the Caesar Syria Civilian Protection Act to allow U.S. allies and others “to further unlock Syria’s potential,” and the Financial Crimes Enforcement Network is permitting U.S. financial institutions to maintain correspondent accounts for the Commercial Bank of Syria.
“This is just one part of a broader U.S. government effort to remove the full architecture of sanctions imposed on Syria due to the abuses of the Bashar al-Assad regime,” and the license permits new activity “consistent with the President’s America First strategy,” Treasury said.
The agency added that the sanctions relief has been provided to Syria “with the understanding that the country will not offer a safe haven for terrorist organizations and will ensure the security of its religious and ethnic minorities. The U.S. will continue monitoring Syria’s progress and developments on the ground.”
The new general license explicitly doesn’t allow any transactions for or on behalf of the Russian, Iranian or North Korean governments, “or related to the transfer or provision of goods, technology, software, funds, financing, or services to or from” those three countries.
“GL 25 will facilitate activity across all sectors of the Syrian economy, without providing relief to terrorist organizations, perpetrators of human rights abuses and war crimes, drug traffickers, or the former Assad regime,” Treasury said.
The agency said the Office of Foreign Assets Control plans to publish more guidance about the sanctions relief.
The license was issued days after President Donald Trump said he planned to lift sanctions against Syria (see 2505130061) and after the European Commission announced the EU is reversing its sanctions (see 2505210030).