The US Treasury Department said in a statement: 'As a result of today's action, all property and interests in property, which had been blocked solely as a result of these designations, are unblocked and all otherwise lawful transactions involving US persons and these entities and individuals are no longer prohibited.'
On October 17, the US had reached an agreement with Turkey that if a ceasefire with Syrian and Kurdish forces holds for the next five days then the recently announced US sanctions against Turkey would be lifted.
The deal to lift the US sanctions was announced by Vice President Mike Pence and Secretary of State Mike Pompeo after they met with Turkish President Recep Tayyip Erdogan and his ministers in Ankara.
The imposition of the sanctions came in response to President Trump's executive order to punish the Turkish government after its recent military strikes in northern Syria.
Turkish forces launched their attacks after Mr Trump on October 9 signed an executive order to remove US troops from Syria and added that the Kurds would be on their own to defend themselves.
In the Specially Designated Nationals and Blocked Persons (SDN) List, the Office of Foreign Assets Control (OFAC) on October 14 designated Turkey's Ministry of National Defense and Ministry of Energy and Natural Resources, as well as National Defense Minister Hulisi Akar, Interior Minister Suleyman Soylu and Energy Minister Fatih Donmez.
Placement on the SDN List immediately blocked any assets or investments that these two Turkish ministries and three government officials had in the US and prevented US persons or companies from conducting business with them.
Senators Lindsey Graham, (Republican from South Carolina), and Chris Van Hollen, (Democrat from Maryland) on October 9 also introduced the Graham-Van Hollen Turkey Sanctions Bill, which called for much harsher sanctions against Turkey for its military incursion into northern Syria, including adding the Turkish president to the SDN List and halting US military business and transactions with Turkey. The Senate has not taken up the legislation, reports American Shipper.