OFAC sanctioned a Syrian oligarch and associated individuals and entities that support the Assad regime. The Treasury Department stated that "the designations serve to cut off critical supplies and financiers for the regime's luxury reconstruction and investment efforts."
According to OFAC, Syrian oligarch Samer Foz, and businesses owned or controlled directly or indirectly by him, were designated pursuant to Executive Order 13582. OFAC stated that Mr. Foz and these related entities "materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services in support of, [the regime of] Bashar Al-Assad."
Undersecretary for Terrorism and Financial Intelligence Sigal Mandelker described Mr. Foz and his related business empire as "hav[ing] leveraged the atrocities of the Syrian conflict into a profit generating enterprise. . . . Treasury is committed to holding accountable profiteers who enrich the coffers of the Assad regime while Syrian civilians suffer this man-made humanitarian crisis."
As a result of the designations, "all property and interests in property of these individuals and entities that are in the United States or in the possession or control of U.S. persons must be blocked and reported to OFAC. OFAC's regulations generally prohibit all dealings by U.S. persons or within (or transiting) the United States that involve any property or interests in property of blocked or designated persons."
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