The US Office of Foreign Assets Control (OFAC) has removed Syria's designation as a state sponsor of terrorism and updated associated sanctions lists, while simultaneously issuing Iran-related designations and revising Iran-related general licenses.

Key regulatory actions by OFAC

The dual-track regulatory action covers two distinct policy areas. The first involves the removal of Syria's state sponsor of terrorism designation, accompanied by corresponding updates to OFAC's sanctions lists. The second involves new designations related to Iran, along with updates to Iran-related general licenses.

Syria sanctions list updates

The removal of Syria's state sponsor of terrorism designation marks a significant shift in the sanctions framework governing transactions and dealings connected to Syria. Associated sanctions list updates have been made in line with this change.

Iran-related designations and general license updates

Alongside the Syria-related changes, OFAC has issued new Iran-related designations and updated Iran-related general licenses. General licenses issued by OFAC typically define the scope of permissible activities under existing sanctions frameworks.

The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has revoked Iran-related General License X. The regulatory action involves the issuance of a new authorization, Iran-related General License X1, which amends the previously existing license.

Regulatory Changes

The revocation of General License X marks a shift in the specific sanctions authorizations previously available to US persons. The issuance of General License X1 introduces amended terms that replace the revoked framework.

License Details

The transition from General License X to General License X1 alters the compliance landscape for entities engaging in activities covered by these Iran-related authorizations.