April 1, 2024

OFAC sanctions 11 individuals and entities for supporting the Al-Assad regime

On March 26, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control designated 11 individuals and entities, most of them based in Syria, for supporting the regime of President Bashar Al-Assad.  The designees allegedly supported the regime by exporting and extracting Syrian commodities, making illicit financial transfers, and trafficking illegal drugs.  According to OFAC, Syria has become one of the leading producers and exporters of Captagon, a highly addictive amphetamine-type stimulant that is mainly trafficked in the Middle East and Europe.  The designees include shipping companies and owners allegedly responsible for shipping large quantities of Captagon and hashish to Europe, as well as the Syria-based Maya Exchange Company, which has allegedly processed millions of dollars in illicit transactions and supported sanctions evasion schemes that benefit the Syrian government.  OFAC also designated Limited Liability Company “STG Logistic” for granting 70 percent of the sales revenue from Syrian mines to Syria, as part of a 50-year contract signed with the Syrian government.

These designations were imposed pursuant to EO 13582 for providing material assistance or financial, material or technical support to the Government of Syria.  As a result of these designations, all property and interests in property of the designated persons within the United States or within the possession or control of a U.S. person are blocked, and U.S. persons are generally prohibited from engaging in transactions involving the designated persons.

U.S. Department of Treasury Press Release