TREASURY DEPARTMENT ISSUES SYRIA GENERAL LICENSE 25
June 16, 2025
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On May 23, 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued Syria General License 25 (“General License 25”), titled “Authorizing Transactions Prohibited by the Syrian Sanctions Regulations or Involving Certain Blocked Persons.” Following President Trump’s May 13, 2025 statement announcing the cessation of all sanctions on Syria, General License 25 provides immediate sanctions relief for Syria and authorizes new investments across numerous sectors of the Syrian economy. By easing OFAC sanctions on Syria, covered U.S. financial institutions are now permitted to maintain correspondent accounts for the Commercial Bank of Syria under certain conditions. It is important to note that General License 25 neither impacts the long-standing export control prohibition on exports or reexports of U.S.-regulated items to Syria nor does it authorize transactions benefitting Russia, Iran, or North Korea. Guidance on General License 25 can also be found on the Frequently Asked Questions page and OFAC’s compliance hotline.
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