The US has taken an official step regarding Syria

The license issued by the Office of Foreign Assets Control (OFAC) has effectively lifted sanctions on the country by largely liberalizing prohibited transactions under the Syrian Sanctions Regulations.

Treasury Secretary Scott Bessent stated in his remarks on the matter, "As President Trump promised, the Treasury and State Departments have begun implementing steps to encourage new investments in Syria. We hope that Syria will progress on the path toward peace, stability, and prosperity."

NEW INVESTMENTS

With the entry into force of GL 25, the US Department of State also issued an exemption under the Caesar Syria Civilian Protection Act (Caesar Act), which went into effect in 2020. The exemption in question aims to allow US allies and regional countries to evaluate new opportunities for cooperation with Syria.

With the new regulation, activities in all sectors of the Syrian economy have been liberalized, paving the way for new investments in the country. Furthermore, the provision of financial and technical services to Syria, transactions related to oil and petroleum products, and commercial cooperation with Syria's new government have been permitted.

NO OPEN DOOR

While GL 25 does not provide any relief to the former Bashar al-Assad regime or to individuals and groups associated with human rights violations, transactions involving past supporters of the Assad regime, such as Russia, Iran, and North Korea, are excluded from the scope of the license.

The Treasury Department stated that GL 25 aims to rebuild Syria's financial system, infrastructure, and general economic structure in line with US foreign policy goals. The statement also noted that the Financial Crimes Enforcement Network (FinCEN) has granted permission for US financial institutions to open correspondent accounts for the Commercial Bank of Syria.

A MESSAGE OF A NEW BEGINNING

In a statement released by the Treasury Department, it was said, "A new page is turning for the Syrian people." The statement emphasized that the US supports Syria becoming a stable and unified country that protects its religious and ethnic minorities and does not allow passage to terrorist groups.

The US administration stated that it will continue to closely monitor developments on the ground and the actions of the new government.