Lifting of the Caesar Act

Gulfsands welcomes the news that, following yesterday’s approval in the Senate, the U.S. Congress has now passed the repeal of the Caesar Syria Civilian Protection Act of 2019 as part of the National Defense Authorization Act (NDAA)

While the U.S. Treasury Department temporarily waived the Act’s restrictions in both May and August this year, a permanent solution required decisive Congressional action. This repeal, which is now expected to be signed into law by President Trump shortly, marks the end of this farreaching legislation that, although effective during the Assad era, has over the last year caused significant caution – particularly within financial and banking institutions -—thereby slowing Syria’s critical economic revival.

The lifting of sanctions by the U.S., U.K., and E.U. earlier in the year set the stage for this milestone. The repeal of the Caesar Act- which includes responsible, well-designed conditions to ensure and support Syria’s continued path toward stability and unity – removes one of the final major legal barriers to meaningful investment in the country’s reconstruction and rehabilitation.

Syria now truly has a “Chance for Greatness.”

Gulfsands stands ready to invest as soon as circumstances allow and to return to its operations in Block 26. We continue to work closely with the Syrian Government and with our international  partners, especially in the U.K. and U.S., to expedite our return as soon as possible