The Office of Foreign Assets Control (OFAC) of the U.S. Treasury Department has issued a general license (GL) 25 for Syria. This license allows transactions prohibited by the Sanctions Regulation, effectively lifting sanctions on Syria.
The license authorizes new investments in Syria; provision of financial and other services to Syria and transactions related to oil of Syrian origin. GL 25 also authorizes all transactions with the new government of Syria.
“As President Trump promised, the Treasury Department and the State Department are implementing authorizations to encourage new investment into Syria. Syria must also continue to work towards becoming a stable country that is at peace, and today’s actions will hopefully put the country on a path to a bright, prosperous, and stable future ,” said Secretary of the Treasury Scott Bessent.
Earlier, on May 20th, the European Union announced a political decision to lift economic sanctions against Syria.
The EU Council statement said that it was time for the Syrian people to unite and build a new, inclusive and peaceful Syria free from harmful foreign interference.
