Sanctions Relief for Syria

Over the course of 2025 the US, EU, and UK have significantly rolled back sanctions targeting Syria following political changes.

Following the collapse of the Assad regime in December 2024 a number of steps have been taken by the US, EU and UK to provide sanctions relief.

President Trump announced the cessation of US sanctions on 13th May 2025. OFAC subsequently issued General License 25 (GL 25) authorizing all transactions with Syria and its government, including major financial institutions such as the Central Bank and Commercial Bank of Syria. 

The EU formally lifted measures on 28th May 2025, and in April 2025 the UK revoked measures targeting transport, trade, energy, and finance sectors. In June 2025 the US terminated its Syria Sanctions Program, revoking a number of executive orders, and removing over 500 individuals and entities from the SDN list. 

From July 2025 onward the EU and UK confirmed removal of most sectoral restrictions, including energy and financial prohibitions, while retaining targeted measures for human rights and terrorism concerns.

By way of summary:

US: 

• Comprehensive sanctions lifted; most transactions with Syrian government and businesses are now permitted.
• Remaining restrictions apply to Bashar al-Assad, associates, human rights violators, ISIS/Al-Qaida affiliates, and Iran-linked actors.
• Export controls: Most civilian-use goods, software, and technology can be transferred without a license, but Commerce Control List items still need approval.

EU & UK: 

• Energy sector prohibitions removed (oil, gas, electricity).
• Ban lifted on crude oil imports, jet fuel, luxury goods, and financial dealings with Syrian banks.
• Asset freezes lifted for major Syrian energy and trading companies (e.g., Syrian Petroleum Company, Sytrol).

In terms of trades and transactions going forward the current position is: 

• US financial institutions may maintain correspondent accounts for Syrian banks.
• EU and UK banks can resume transactions with Syrian entities not on residual sanctions lists.
• Import/export of Syrian crude oil and petroleum products now allowed.
• Trade in gold, precious metals, and diamonds permitted under EU rules.
• Civilian-use goods and software exports to Syria allowed without license.

Some key risks remain, notably that sanctions remain on individuals/entities linked to Assad regime, terrorism, narcotics trafficking, and proliferation activities. As such due diligence is critical to avoid indirect dealings with sanctioned individuals and entities.