U.S. publication of Russia-related general license, amended FAQs

Russia-related General License 8C—Authorizing transactions related to energy

Amended FAQs

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today issued Russia-related General License 8C [PDF 166 KB]—Authorizing transactions related to energy—and published amended “frequently asked questions” (FAQs) that answer the following questions:

  • 1017. Does Russia-related General License (GL) 8C remain valid following the issuance of Executive Order (E.O.) 14066, “Prohibiting Certain Imports and New Investments With Respect to Continued Russian Federation Efforts to Undermine the Sovereignty and Territorial Integrity of Ukraine”?
  • 1012. Do I have to wind down energy-related transactions by the expiration date of Russia-related General License (GL) 8C?
  • 1011. My U.S. bank refused to process a requested payment related to energy despite the authorization in Russia-related General License (GL) 8C under Executive Order (E.O.) 14024.  What can I do?
  • 1010. My company transports Russian oil for sale to the United States and third countries.  Can I continue to transport or sell Russian-origin oil without violating sanctions pursuant to Executive Order (E.O.) 14024?
  • 978. For transactions authorized under Russia-related General Licenses (GL) 6A, 7A, or 8C what is an example of a permissible funds transfer involving a foreign financial institution sanctioned pursuant to Executive Order (E.O.) 14024?
  • 977. What are transactions “related to energy” for purposes of Russia-related General License (GL) 8C?
  • 976. Can a U.S. financial institution process transactions related to energy where a Russian financial institution sanctioned pursuant to Executive Order (E.O.) 14024 is involved? 
  • 967. What does Directive 2 under Executive Order (E.O.) 14024, “Prohibitions Related to Correspondent or Payable-Through Accounts and Processing of Transactions Involving Certain Foreign Financial Institutions” (Russia-related CAPTA Directive) prohibit?

Read the OFAC release

For more information on sanctions and other responses to Russia’s war on Ukraine, visit KPMG’s dedicated website.

Contact a professional with KPMG’s Trade & Customs services:

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