Syria

May 29th Street, Saroujah, Damascus, Syria; Hisham Al-Atassi Street, Al-Salam Building, Ground Floor, Homs, Syria; Al-Assi Square, Al-Quwwatli Street, Hama, Syria; Al-Quds Street, Tartous, Syria

15691, Commercial Registry Number

Al-Fadel Exchange, headquartered in Damascus, has facilitated millions of dollars in transfers since 2021 to accounts at the U.S.-designated Central Bank of Syria that benefit the Syrian government and President Bashar al-Assad. Additionally, the U.S.-designated Hizballah terrorist organization — a key ally of the Syrian regime and Iran’s IRGC-QF — has used Al-Fadel Exchange to transfer money from other countries in the region to Syria. The Syrian government and Hizballah collect hard currency in cities outside of Syria and use Al-Fadel Exchange to transfer those funds to the Central Bank of Syria. As of mid-2021, Al-Fadel Exchange also facilitated payments from the Assad regime to U.S.-designated Hizballah financial official, Muhammad Qasim al-Bazzal, in return for shipments of Iranian oil. Al-Fadel Exchange is being designated pursuant to E.O. 13582 for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services in support of, the Central Bank of Syria. Al-Fadel Exchange is also being designated pursuant to the Caesar Act for being a foreign person that knowingly provides significant financial, material, or technological support to, or knowingly engages in a significant transaction with, the Government of Syria. Al-Fadel Exchange is owned and managed by three brothers—Fadel Ma’ruf Balwi (Fadel Balwi), Mut’i Ma’ruf Balwi (Mut’i Balwi), and Muhammad Ma’ruf Balwi (Muhammad Balwi). The Balwi brothers were the only individuals authorized by the U.S.-designated Central Bank of Syria to work on behalf of Hizballah. Further, Fadel Balwi and Muhammad Balwi moved billions of Syrian pounds within Syria in 2022 on behalf of the Syrian government. Fadel Balwi, Mut’i Balwi, and Muhammad Balwi are being designated pursuant to E.O. 13582 for having acted or purported to act for or on behalf of, directly or indirectly, Al-Fadel Exchange. Fadel Balwi, Mut’i Balwi, and Muhammad Balwi are also being designated pursuant to the Caesar Act as foreign persons who knowingly provide significant financial, material, or technological support to, or knowingly engages in a significant transaction with, the Government of Syria.

https://home.treasury.gov/news/press-releases/jy1508

2023-05-30

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