Ground Floor, Property Number 17/9/2230, Baqi Zadeh Building, Fardus Street, Salhiyah, Damascus, Syria; First Real Estate Zone, Property Number 936, Section 2, Ground Floor, Haju Building, Abd al-Hamid al-Durubi Street, Homs, Syria; Tartus Real Estate Zone, Section 8, Property Number 3881, Revolution Street, Al-Baraniyah, Tartus, Syria; Ground Floor, Second Real Estate Zone, Sections 7-9, Property 2533, Aziziyah Falls, Baghdad Station, Aleppo, Syria

Syria-based Maya Exchange Company (Maya), alongside previously sanctioned Syrian exchanges Al-Fadel Exchange and Al-Adham Exchange, facilitated millions of dollars of illicit transactions, foreign currency transfers, and sanctions evasion schemes for the benefit of the Syrian government. In mid-2023, Maya agreed to assist Aleksey Makarov (Makarov), the Vice President of sanctioned Russian Financial Corporation Bank (RFC Bank), and Muhammad ‘Ali Al-Minala (Al-Minala) of the Central Bank of Syria (CBoS), which has also been sanctioned by the United States, with making payments to a Jordanian beneficiary and thereby obfuscating Russian involvement in the transactions. Al-Minala serves as the Head of the Foreign Operations and Communications Department within the Banking Operations Directorate at CBoS and has collaborated with Makarov on additional foreign currency transfers and sanctions evasion schemes on multiple occasions, ultimately for the benefit of CBoS. OFAC is designating Maya and Makarov pursuant to E.O. 13582 for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, CBoS. OFAC is designating Al-Minala pursuant to E.O. 13582 for acting or purporting to act for or on behalf of, directly or indirectly, CBoS. OFAC is also designating Maya and Makarov pursuant to the Caesar Act for being foreign persons that knowingly provided significant financial, material, or technological support to, or knowingly engaged in a significant transaction with, the Government of Syria.

https://home.treasury.gov/news/press-releases/jy2210

2024-03-26

US

Promoting Accountability for Assad and Regional Stabilization Sanctions (PAARSS)

OFAC country specific

Syria

Blocking Property, Suspending Entry, Trade sanctions

On June 30, 2025, President Trump issued an Executive Order (E.O. of June 30, 2025) that removes U.S. sanctions on Syria, effective July 1, 2025. Sanctions will remain on Bashar al-Assad and his associates, human rights abusers, Captagon traffickers, persons linked to Syria's past proliferation activities, ISIS and Al-Qa'ida affiliates, and Iran and its proxies. OFAC previously issued Syria General License (GL) 25, which authorizes transactions otherwise prohibited by the Syrian Sanctions Regulations, 31 CFR part 542 (SySR). To the extent still necessary, persons may continue to rely on GL 25 and the related Syria GL 25 Fact Sheet, which OFAC originally issued on May 28, 2025. Revocation of sanctions authorities with respect to Syria: E.O. of June 30, 2025 revokes the following six Executive orders that form the foundation of the Syria sanctions program and terminates the national emergency underlying those Executive orders, effective July 1, 2025: E.O. 13338 of May 11, 2004; E.O. 13399 of April 25, 2006; E.O. 13460 of February 13, 2008; E.O. 13572 of April 29, 2011; E.O. 13573 of May 18, 2011; and E.O. 13582 of August 17, 2011. As a result, OFAC will remove the Syrian Sanctions Regulations, 31 CFR part 542 (SySR) from the Code of Federal Regulations (CFR) following the July 1, 2025 revocation. Persons designated solely pursuant to these orders have been removed from OFAC's List of Specially Designated Nationals and Blocked Persons (SDN List). Certain persons, including Bashar al-Assad and certain other destabilizing regional actors, will remain on the SDN List if they have also been designated under a different sanctions authority, including new designations under E.O. 13894, as further amended by E.O. of June 30, 2025. Additional action and relief for Syria in E.O. of June 30, 2025: Caesar Act Suspension: Directs the Secretary of State to examine whether to suspend the imposition of some or all of the sanctions required under the Caesar Syria Civilian Protection Act of 2019 (Caesar Act). This follows the May 23, 2025 action by the Secretary of State to waive the imposition of certain sanctions described in the Caesar Act for 180 days. Export Controls: Waives the requirements to impose certain export controls under the Syria Accountability and Lebanese Sovereignty Restoration Act of 2003 and the Chemical and Biological Weapons Control and Warfare Elimination Act of 1991 (CBW Act). Counterterrorism and SST Designations: Directs the Secretary of State to take all appropriate action with respect to the designation of Hay'at Tahrir al-Sham (HTS) as a Specially Designated Global Terrorist (SDGT) and Foreign Terrorist Organization (FTO), as well as the SDGT designation of Abu Muhammad al-Jawlani, and Syria's designation as a State Sponsor of Terrorism. Assistance Restriction and Sanctions Waiver: Waives restrictions on Syria related to foreign assistance, U.S. government credit or other financial assistance, and loans and credit from U.S. financial institutions under the CBW Act. Please consult the Departments of State and Commerce for information on these actions. Maintaining sanctions on Assad and certain other destabilizing regional actors: To maintain sanctions on Bashar al-Assad and certain other destabilizing regional actors, E.O. of June 30, 2025 also expands the scope of the national emergency declared in E.O. 13894 and further amends the criteria therein for the imposition of sanctions on Bashar al-Assad and his associates, human rights abusers, Captagon drug traffickers, and certain other destabilizing regional actors. Additional authorities maintain sanctions on other actors in Syria and the region, including those supporting terrorism, Iran and its proxies, and Syria's past proliferation activities.

SDN