After a week of silence over the US Treasury sanctions concerning FIDE President Kirsan Ilyumzhinov, the FIDE website finally makes mention of it. The short of it, is that Kirsan Ilyumzhinov has withdrawn from any "legal, financial and business operations of FIDE" and has authorised Georgios Makropoulos (FIDE Deputy President) to carry out the functions of President.
In the statement FIDE say that Ilyumzhinov will stand down until his name is removed from the sanction list, which I suspect will be a lot longer than he imagines it will be.
In terms of how this effects FIDE itself (or more importantly, FIDE governance), probably not at all. Makropoulos pretty much runs FIDE on a day to day basis anyway, with Kirsan mainly being responsible for "blue sky" ideas and securing funding for FIDE events in the old Soviet Bloc. As the actual sanctions simply prevent US citizens from having any financial dealing with Ilyumzhinov, this is less of an earth shattering change, and more of a move to allow FIDE to legally do business with the US.
Where this might end up being a more permanent change is in the context of the Russia - Turkey dispute over who is buying and selling ISIS oil. Turkey has made mention of the involvement Russian "chess champions" in their claims about Russia, although it is assumed that they are referring to Ilyumzhinov. It may well have been politically convenient for Kirsan to assist the Syrian government at some point in the past viz-a-viz oil supplies, but it may now turn out to be an embarrassment to the Russian government, and if it is, they may try and argue they had no knowledge themselves, and cut him loose.
(** Full disclaimer: I have worked on a number of FIDE commissions in the past, and know a number of members of the FIDE Presidential Board and Executive. However this working relationship ended in August 2014 after the FIDE Elections, as a consequence of me refusing to commit the PNG Chess Federations vote to Ilyumzhinov. I was asked to do this by a senior FIDE official in March 2014 and when I informed him that it was a decision for the entire PNGCF board, he said to me "If the PNGCF does not vote for Kirsan, then it will not be good for you". Despite being re-nominated for the commissions I was previously on, I was not appointed to any of them **)