U.S. Imposes New Significant Sanctions against Syria

Philip Choyce — Sun, 21 Aug 2011 20:56:00 GMT

On, August 18, 2011, President Obama signed a new executive order imposing significant new sanctions on Syria with immediate effect. Existing sanctions already prohibit the export or re-export of U.S.-origin good to Syria. The new sanctions add a new layer of sanctions that for all practical purposes acts as an outright prohibition on U.S. persons and companies from engaging in business, directly or indirectly, involving Syria.
In particular, the new executive order prohibits the following activities:

Any transactions by US persons involving the Government of Syria, its agencies, instrumentalities, or controlled entities;
New investment in Syria by US persons;
Export and direct or indirect supply of services by US persons to Syria;
Importation of Syrian-origin petroleum or petroleum products into the United States;
Any transaction or dealing by US persons related to petroleum or petroleum products of Syrian origin; and
Facilitation by US persons of otherwise prohibited transactions by foreign persons.

These new sanctions have significant and important ramifications for any company or person operating overseas who could directly or indirectly become engaged in trade or business involving Syria. Corporate compliance professionals should carefully analyze their business activities in light of these new sanctions.
If you have questions or comments regarding the new Syrian sanctions, you can contact one the Houston business lawyers at The Choyce Firm at (281) 820-7895.

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U.S. Imposes New Significant Sanctions against Syria

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