Treasury Department Issues General License

Teh U.S. Treasury Department has issued a general license aimed at immediately alleviating sanctions against Syria.This move follows an announcement by former President Donald Trump regarding the removal of sanctions. The license permits previously prohibited transactions under the Syrian sanctions Regulations, effectively relaxing economic restrictions.

Scope of the General license

According to a statement, the general license de facto abolished sanctions against Syria. This action is intended to pave the way for new investments and private sector activities, aligning with an America strategy.The U.S. State Department is also expected to publish an exemption within the scope of the Caesar Syrian Civilian Protection Act (Caesar Law), potentially unlocking Syria’s economic potential for U.S. partners, allies, and the region.

A Complete Effort

The issuance of the general license is described as part of a broader U.S. government initiative. This is just part of the US government’s more comprehensive effort to remove the entire structure of sanctions imposed on Syria due to violations of Bashar Assad regime.

US Policy Objectives

The U.S. government has stated its commitment to supporting a stable, unified, peace with itself and its neighbors Syria.The U.S.will continue to monitor developments and progress within the country.

Facilitating Economic Activities

Execution of Activities in All Sectors of the Syrian Economy Will be Facilitated

The license aims to facilitate economic activities across all sectors of the Syrian economy. However, it explicitly excludes providing any benefits to terrorist organizations, individuals involved in human rights violations, war crimes, drug smugglers, or the former Assad regime. Transactions favoring Russia, iran, or North Korea, described as the former Assad regime’s main supporters, remain prohibited.

Reconstruction and Investment Goals

The U.S. aims to reconstruct Syria’s economy, financial sector, and infrastructure. The withdrawal of new investments in Syria and supporting the new government is considered important for this purpose.

Permitted Transactions

The general license allows transactions that were previously prohibited under U.S. economic sanctions. These include new investments in Syria, financial and other services to the country, and transactions related to Syrian oil or oil products.

Specific Permissions

All transactions with the new syrian government and certain individuals specified in the general license are permitted. U.S. financial institutions are also allowed to maintain accounts for the Syrian Trade Bank under an remarkable exemption.

Entities Covered

The general license extends to Syrian President Ahmed Şara and his government, and also the Central bank of Syria, certain Syrian banks, energy companies, and public institutions.