U.S. initiates the relaxation of restrictions on Syria
The United States has taken steps to ease economic sanctions against Syria, with the aim of fostering new investments and promoting peace and stability in the war-torn nation. Treasury Secretary Janet Yellen announced this decision, stating that the relaxed measures are intended to encourage economic recovery and humanitarian relief in the embattled country.
President Donald Trump had previously indicated his intention to lift all sanctions against Syria, and the new Syrian leadership has been actively seeking to join the international community following the ousting of long-time ruler Bashar al-Assad. Many countries imposed sanctions on Syria during the brutal civil war under Assad's leadership.
Under the new policy, General License No. 25 (GL 25) has been issued by the Office of Foreign Assets Control (OFAC) authorizing all transactions with Syria and the Government of Syria, including the Central Bank of Syria and Syrian Arab Airlines. This relaxation of sanctions will enable new investments and financial services, as well as transactions involving oil or oil products originating from Syria.
The easing of sanctions allows for transactions with the new Syrian government and interim president Ahmed al-Sharaa, as well as with the Syrian central bank and other banks. Transactions that benefit Russia, Iran, or North Korea, However, remain prohibited, and doing business with individuals or companies previously subject to sanctions and not explicitly exempted is still forbidden.
In a related development, U.S. Secretary of State Mike Pompeo announced a 180-day suspension of further sanctions to ensure that U.S. partners can make investments promoting stability in Syria. These suspensions will facilitate the provision of electricity, energy, and water, and enable more effective humanitarian aid in the country.
Yellen reiterated the U.S. commitment to a stable and peaceful Syria, stating that the measures Hopefully will contribute to the country's ongoing restoration. Nonetheless, significant challenges remain, including the need for comprehensive political reforms and addressing terrorism and security concerns. Export controls also remain in place, limiting the flow of goods and technology to Syria.
The new policy allows for financial transactions with the new Syrian government, including the Central Bank of Syria and Syrian Arab Airlines, as part of the easing of sanctions to encourage economic recovery and humanitarian relief.
Despite the relaxation of sanctions, dealing with individuals or companies previously subject to sanctions or those benefiting Russia, Iran, or North Korea remains forbidden, highlighting the ongoing commitment to stability and peace in Syria.
