U.S. OFAC issues Russia-related general licenses and FAQs

Three Russia-related general licenses and two “frequently asked questions”

Three Russia-related general licenses and two “frequently asked questions”

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) today issued the following Russia-related general licenses.

  • General License 8E [PDF 261 KB]—Authorizing transactions related to energy
  • General License 58 [PDF 260 KB]—Authorizing the wind down and rejection of transactions involving public joint stock company Rosbank
  • General License 59 [PDF 156 KB]—Authorizing transactions related to debt or equity of, or derivative contracts involving, public joint stock company Rosbank

OFAC today also published two Russia-related “frequently asked questions” (FAQs).

1103. Is there a wind-down period for transactions involving Public Joint Stock Company Rosbank (Rosbank), which was blocked on December 15, 2022 pursuant to Executive Order (E.O.) 14024?  What transactions are authorized during the wind-down period?

1104. Is Norilsk Nickel blocked as a result of the designation of Vladimir Potanin?

More information is provided in a related Treasury release.

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

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