United States issues Russia-related general licenses, FAQs reiterating that energy payments can continue
The FAQs reiterate that energy payments “can and should continue.”
FAQs reiterating that energy payments can continue
The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued Russia-related general licenses and new and updated “frequently asked questions” (FAQs). Read the OFAC release
According to a related Treasury release, the FAQs reiterate that energy payments “can and should continue.”
General License 8A permits (commonly known as “U-turn transactions”—when payments related to energy are processed through non-sanctioned, third-country financial institutions) are intended to enable the continuation of transactions that support the flow of energy to the market.
For more information, contact:
John L. McLoughlin
Luis (Lou) Abad
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