OFAC Officially Removes Syria Sanctions, Issues FAQs
The Office of Foreign Assets Control on June 30 officially removed sanctions from 518 people and entities with ties to Syria after President Donald Trump signed an executive order authorizing the easing of both sanctions and certain export restrictions against the country (see 2506300055).
Sign up for a free preview to unlock the rest of this article
Communications Daily is required reading for senior executives at top telecom corporations, law firms, lobbying organizations, associations and government agencies (including the FCC). Join them today!
OFAC is removing parties “blocked solely under the Syria sanctions program” from its Specially Designated Nationals List, the Treasury Department said. “Accordingly, all property and interests in property of such individuals and entities will be unblocked,” and OFAC will remove the Syrian Sanctions Regulations from the Code of Federal Regulations.
But the agency also said pending or future OFAC investigations or enforcement actions related to violations of those Syrian sanctions regulations that occurred before July 1 “may still be carried out.”
It’s also maintaining sanctions, and may strengthen certain measures, that target former Syrian leader Bashar Assad, his associates and “other destabilizing regional actors,” including captagon traffickers, people linked to Syria’s past weapons proliferation activities, affiliates of the Islamic State group and al-Qaida, parties linked to Iran, and others. The Treasury press release includes a list of the 133 people and entities that are still subject to sanctions.
“As we continue to monitor progress on the ground, we remain focused on preventing Assad, his cronies, terrorists, and other illicit actors from attempting to destabilize Syria and the region,” Treasury Secretary Scott Bessent said.
OFAC issued several FAQs to provide guidance on what types of activities with Syria are now authorized. One FAQ clarifies that U.S. people no longer need an OFAC license to send food or medicine to Syria, and it added that Trump’s order waived requirements for certain export controls under the Syria Accountability and Lebanese Sovereignty Restoration Act of 2003 and the Chemical and Biological Weapons Control and Warfare Elimination Act of 1991. “Please refer to the Department of Commerce for more specifics on export controls involving Syria,” the agency said.
Another FAQ said U.S. financial institutions can now “establish relationships” with Syrian banks, including the Central Bank of Syria. Effective July 1, U.S. people and companies aren’t blocked from providing financial services to Syria, “processing payments on behalf of third country financial institutions involving Syrian financial institutions, or conducting transactions with the new Government of Syria and Syrian financial institutions,” as long as no parties involved are on OFAC’s SDN List.