ExecutiveOrdersEO
Notice 13338NoticeTrump 47 · R Quiet signal

Presidential Notice 13338

Continuation of the National Emergency With Respect to the Actions of the Government of Syria

This notice continues for one year the national emergency first declared in 2004 regarding Syria's support for terrorism, weapons programs, and destabilizing actions in the region. The continuation maintains existing sanctions and restrictive measures based on ongoing concerns about Syria's chemical weapons governance and counterterrorism capabilities.

Federal Register Open PDF 90 FR 19619

Impact dates

  1. Continued national emergency expires unless extended

  2. Prior emergency expiration date

Market exposure

Policy exposure mapping — not investment advice. Illustrative public companies are incomplete and not recommendations.

Sectors

Banking & financeOil & gasShipping & logistics

Mechanisms

Ban / prohibitionLicensing

Role pressure

  • UncertainDomestic producer — No direct US production impact; sanctions limit competitive dynamics in Syrian reconstruction
  • AdverseImporter — Continued prohibition on Syrian-origin goods and services; compliance costs for screening
  • AdverseTrading-partner exporter — Non-US entities face secondary sanctions risk for Syria-related transactions

Geographies

USEU

Exposure dates

  • — Continued national emergency expires unless extended

Illustrative public companies

Curated watchlist matches by sector/role — incomplete; not a recommendation.

BACBank of AmericaBLKBlackRockLNGCheniere EnergyCVXChevronCOPConocoPhillipsDACDanaosXOMExxon MobilGEVGE VernovaGSGoldman SachsHSBCHSBCJPMJPMorgan ChaseMATXMatsonSHELShellSPYSPDR S&P 500 ETFTSLATeslaZTOZTO Express

Confidence: high · Policy alerts

Key directives

  • Continue national emergency declared in Executive Order 13338 for 1 year beyond May 11, 2025
  • Publish notice in Federal Register
  • Transmit notice to Congress

Timeline

Immediate

  • Continuation of national emergency takes effect upon publication
  • Existing sanctions under EO 13338 and subsequent orders remain in force

Near term (90d)

  • Annual review of Syria policy by administration
  • Potential for policy adjustment based on Syrian government actions

Long term

  • Possible termination if Syria demonstrates policy changes
  • Continued sanctions architecture unless explicitly revoked

Risks & tensions

  • Perpetuation of sanctions without clear off-ramps may reduce leverage for behavioral change
  • Humanitarian access to Syria remains complicated by broad sanctions architecture
  • Vague 'consider changes in policies' language provides uncertain standard for termination
Presidential Notice 13338: Continuation of the National Emergency With Respect to the Actions of the Government of Syria · Executive Orders