The notice issued by OFAC states that Nynas AB "has undertaken a corporate . OFAC also issued a general license specific to Sberbank CIB USA to permit winding-down transactions through June 7, 2022. General License No 12A, which was issued in April to allow for the maintenance or winding down of existing contracts or operations with Russian companies hit by . Part 589), General License No. Russia-related General License (GL) 17A authorizes through March 25, 2022 transactions that are ordinarily incident and necessary to the . On April 7, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) announced sanctions, pursuant to Executive Order 14024, against a Russian state-owned enterprise (SOE) and the world's largest diamond mining company, which is also responsible for 90 percent of Russia's diamond mining capacity. SUMMARY: The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing two general licenses (GLs) issued in the Ukraine-/Russia-Related sanctions program: GL 15K, which was previously issued on OFAC's website and is now expired, and GL 15L, which was also . On April 7, the U.S. Office of Foreign Assets Control (OFAC) issued a new General License No. As with General License 12, U.S. persons undertaking transactions authorized by General License 13 must report such transactions to OFAC within 10 business days of its expiration on May 7, 2018 . OFAC also issued General License 8 (subsequently amended as General License 8A), authorizing transactions "related to energy" with a number of sanctioned Russian banks, including the Central Bank of Russia; however, those transactions must be conducted through the accounts of non-sanctioned third-country banks. On May 1, 2018, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) issued General Licenses 12B and 13A authorizing additional transactions and activities involving certain persons subject to the Ukraine-/Russia-related sanctions OFAC had issued on April 6, 2018 (the April 6 Sanctions). In addition, on March 3, 2022, OFAC issued another new Russia-related general license and designated additional parties to the Specially Designated Nationals and Blocked Persons List ("SDN List"). 1B, confirming that United States persons may continue to interact with the FSB for purposes of qualifying their products for importation and distribution in Russia. Russia-General License 13 authorizes, through June 24, 2022, US persons to pay taxes, fees or . 18 authorizes the export and reexport of agricultural commodities, medicine, medical devices and transactions related to the COVID-19 . General licenses allow all US persons to engage in the activity described in the general license without needing to apply for a specific license. Several U.S. Office of Foreign Assets Control (OFAC) general licenses 1 have been issued: General License No. New OFAC General Licenses.
GL 13A authorizes certain divestiture transactions with specified blocked persons to a non-U.S. person, and allows the facilitation of transfers . 1B on March 2, 2021, which authorized these same activities under E.O. We summarized these sanctions in our recent blog post here. On April 6, 2022, the US Department of the Treasury's Office of Foreign Assets Control ("OFAC") added two of Russia's largest banks, Public Joint Stock Company Sberbank of Russia ("Sberbank") and Joint Stock Company Alfa Bank ("Alfa-Bank"), and their subsidiaries to the Specially Designated Nationals and Blocked Persons List ("SDN List"). Russia-General License 13 authorizes, through June 24, 2022, US persons to pay taxes, fees or import duties, and purchase or receive permits, . The authorisation is valid until 5 June 2018. The notice issued by OFAC states that Nynas AB "has undertaken a corporate . The following names have been added to OFAC's list of Specially Designated Nationals list (SDN List) or have been updated on OFAC's Non-SDN Menu Based Sanctions List pursuant to Executive Order 14024, Directive 4: . In making the new designations, OFAC issued a press release, web notice, General License No. OFAC issued a general license permitting wind-down transactions with Alrosa until 12:01 am eastern daylight time on May 7, 2022. OFAC has issued General License 22, which permits certain winding-down transactions until 12:01 a.m. eastern daylight time on April 13, 2022 (only a week from the designation). 17 authorizes the wind-down of transactions in the DNR and LNR by March 23, 2022; General License No. OFAC issued five other general licenses that authorize U.S. persons to engage in certain transactions related to DNR and LNR in regard to: 13694, E.O. The Department of the Treasury's Office of Foreign Assets Control (OFAC) recently issued several Russia-related general licenses under the Russian Harmful Foreign Activities Sanctions Regulations, 31 C.F.R.
April 11, 2022 The U.S. Department of Treasury's Office of Foreign Assets Control (OFAC or the Treasury) unveiled a new wave of sanctions targeted against Russia, Russian entities, and Russian individuals during the week of April 4, in response to Russia's continued aggression in Ukraine. Press Release Link On 5 May 2022, OFAC issued . OFAC also issued new General License 13, authorizing certain administrative transactions ordinarily incident and necessary to day-to-day operations in Russia involving these entities through June 24, 2022 at 12:01 am EDT, and General License 14, authorizing certain clearing and settlement transactions with these entities where the Directive 4 . 13", which authorizes U.S. persons to pay taxes, fees, or import duties, and .
. Start Preamble AGENCY: Office of Foreign Assets Control, Treasury. It has also issued several FAQ related to the License. General License 13, which OFAC issued simultaneously with the April 6 Sanctions, was unaffected by the issuance of General License 12A and 14. Source link. Start Preamble AGENCY: Office of Foreign Assets Control, Treasury. . Previously, on February 24, 2022, OFAC . 8A allow for the Central Bank of the Russian Federation to be involved in energy-related transactions until June 24, 2022 . Please see our April 11, 2018, client alert for a detailed discussion of the transactions authorized under General License 13. 5 On April 6, 2022, the US Department of the Treasury's Office of Foreign Assets Control ("OFAC") added two of Russia's largest banks, Public Joint General License 12B, which entirely replaces General License 12A, "permits originating and . The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing Russia-related Directive 4 under Executive Order 14024 and Russia-related General License 8A.. General Licenses. Notably, the general license does not authorize transactions prohibited by the correspondence and payable-through account sanctions . The U.S. Department of Treasury's Office of Foreign Assets Control ("OFAC") recently announced the removal of General License 13E ("GL 13E"), authorizing certain activities involving Nynas AB, a Swedish manufacturer of specialty oils owned in part by PDVSA, Venezuela's state-owned oil company. Concurrently, OFAC updated General License No. The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing Russia-related General License 13A, "Authorizing Certain Administrative Transactions Prohibited by Directive 4 under Executive Order 14024.". General License 13: Transactions necessary for U.S. persons to pay taxes, fees, or import duties, . [13] The interpretation OFAC will take with regard to the Order is uncertain. On April 23, 2018, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) issued Ukraine- and Russia-related General Licenses 12A and 14, and additional guidance to further. In a press release, OFAC said the licenses make clear that "there should be no loopholes for Russia to evade the unprecedented prohibitions by the U.S. to lock up Russia's war chest." The general licenses issued on March 2 authorize certain transactions with certain sanctioned Russian financial institutions (VEB, Bank Otkriti, Sovcombank . 1B, confirming that United States persons may continue to interact with the FSB for purposes of qualifying their products for importation and distribution in Russia. These licenses authorize certain activities which would otherwise be prohibited under OFAC sanctions toward Russia: However, on March 3, 2022, OFAC published "general License No. On 14 June, OFAC issued a new General License 8C authorising transactions related to energy and involving specified Russian financial institutions. Posted by Matt Schmitt on 5/8/18 5:00 PM.
Previous Post Lilly plans to invest $2.1 billion in new manufacturing . Our previous blog post on GL 13 can be found here. Concurrently, OFAC updated General License No. general license no. (See previous InfoBytes coverage on GL 13 here.) It is noteworthy that the 30-day period provided by General License 17 is shorter than the 60- to 90-day period OFAC has authorized in the past, which may signal a trend in regard to future Russia sanctions. General License 13 does not authorize any debit to an account on the books of a US financial institution of Russia's Central Bank, National Wealth Fund, or Ministry of Finance. General License 31, which authorises certain transactions in connection with a patent, trademark, copyright, or other form of intellectual property (IP) protection in the United States or the Russian Federation that would otherwise be prohibited by Russia sanctions . OFAC issued GL 13 on April 6, 2018 to authorize certain transactions necessary to divest or transfer debt, equity, or other holdings in certain entities, including GAZ Group, otherwise prohibited by the Ukraine Related Sanctions Regulations, 31 CFR part 589 (which have since been renamed the Ukraine-/Russia-Related Sanctions Regulations). the Office of Foreign Assets Control, the . gl 13 authorizes u.s. persons to pay taxes, fees, or import duties and purchase or receive permits, licenses, registrations, or certifications, to the extent such transactions are prohibited by directive 4, provided that such transactions are ordinarily incident and necessary to such persons' day-to-day operations in the russian federation until General License 13, which authorised US persons to divest or transfer debt, equity or other holdings in companies such as EN+ Group plc, GAZ Group and Rusal until 7 May 2018, has been replaced by General License 13A. The new licence extends the deadline for such divestiture until 6 June 2018. Nonetheless, the designation of the FSB under the NPWMD sanctions creates . on may 1, 2018, ofac issued general license 13a authorizing the divestment or transfer of certain debt, equity or other holdings issued by en+ group, gaz group or united company rusal plc, as well as entities in which such persons own 50 percent or greater interest, provided that such debt, equity or other holdings were issued by irkutskenergo, ofac also issued general license 13, 4 which authorizes, through 12:01 a.m. eastern daylight time on may 7, 2018, all transactions and activities otherwise prohibited by the ukraine related sanctions regulations that are ordinarily incident and necessary to divest or transfer debt, equity, or other holdings in the following blocked persons to a 10; General License 14 authorizes (with conditions) transactions involving Russia's Central Bank, National Wealth Fund, or . Read the OFAC release; . General License 22 authorizes the wind down of certain transactions involving Sberbank or any entity in which Sberbank owns, directly or indirectly, a 50 percent or greater interest, through April 13, 2022. 25 (GL25) authorizing certain transactions ordinarily incident to telecommunications and the exchange of communications over the internet in Russia. On July 16, 2020, the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") issued two new Ukraine-/Russia-related general licenses: General License 15I, Authorizing Certain Activities Involving GAZ Group, which replaces General License 15H; and General License 13O, Authorizing Certain Transactions Necessary to Divest or Transfer Debt, Equity, or Other Holdings in . 8A to replace and supersede General License No. Although OFAC has not defined the term "new investment," this restrictionin conjunction with General License No. 12 under the Ukraine-Related Sanctions Regulations (URSR, 31 C.F.R. OFAC Extends General License Authorizing Certain Administrative Transactions. Please see our April 24, 2018, client alert for more details.. Further, on May 1, 2018, OFAC issued Ukraine-/Russia-related General Licenses 12B and 13A. ACTION: Publication of Web General Licenses. OFAC previously issued cyber-related General License No. 13 under the URSR, eight new Frequently Asked Questions (FAQs) related to the new designations, and one updated FAQ related to the Countering America's . In conjunction with the issuance of this Directive 4, OFAC issued General License No. The U.S. Department of Treasury's Office of Foreign Assets Control ("OFAC") recently announced the removal of General License 13E ("GL 13E"), authorizing certain activities involving Nynas AB, a Swedish manufacturer of specialty oils owned in part by PDVSA, Venezuela's state-owned oil company. Additional Russia-Related General Licenses . On May 25, 2022, OFAC issued General License 13A, which extends the authorizations of General License 13 of March 2 .
[18] OFAC . From NYT: President Trump signed legislation on Wednesday imposing sanctions on Russia and limiting his own authority to lift them, but asserted that the measure included "a number of . Consistent with the prior license, General License 13A authorizes U.S. persons, or entities owned . GL 25B - authorizes certain transactions that (1) are ordinarily incident to the receipt and transmission of telecommunications involving Russia or (2) relate to the export to Russia of services, software, hardware, or technology related to the exchange of communications over the . 13 Authorizing Certain Administrative Transactions Prohibited by Directive 4 under Executive Order 14024 OFAC has issued General License 22, which permits certain winding-down transactions until 12:01 a.m. eastern daylight time on April 13, 2022 (only a week from the designation). Russia-Related General License No. 25 (akin to telecommunications-related general licenses published under comprehensive sanctions programs)suggests that U.S. sanctions targeting Russia are trending toward a de facto embargo. OFAC Issues General Licenses; Amends one General License.
. General License 13, however, does not permit any divestment or transfer to a blocked person, including the three entities listed in General License 13. General License 13 authorizes U.S. persons to pay taxes, fees, or import duties, and to purchase or receive permits, licenses, registrations, or certifications involving Directive 4 entities that are ordinarily incident and necessary to a persons' day-to-day operations in Russia. 13 authorizes us persons to pay taxes, fees, or import duties and to purchase or receive permits, licenses, registrations, or certifications, to the extent such transactions would otherwise be prohibited as involving central bank of the russian federation, the national wealth fund of the russian federation, or the ministry of ACTION: Publication of Web General Licenses. The Russian war on Ukraine has resulted in a series of US sanctions and Russian countermeasures that have disrupted the coordination of patent and trademark rights between the United States and Russia. NOTE: On April 23, 2018, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) issued Ukraine-/Russia-related General Licenses 12A and 14, which provided certain additional authorizations beyond those discussed below. On February 23, 2022, OFAC designated Nord Stream 2 AG, the Swiss company in charge of building Russia's Nord Stream 2 gas pipeline, and its German Chief Executive Officer, Matthias Warnig, to OFAC's List of SDNs. . OFAC also issued a general license specific to Sberbank CIB USA to permit winding-down transactions through June 7, 2022. On March 11, 2022, concurrently with EO 14068's issuance, OFAC issued three (3) new Russia-related General Licenses for transactions otherwise prohibited by EO 14068 and one (1) new Ukraine-related general license for transactions otherwise prohibited by EO 14065 of February 21 . Expands Sanctions Against Russia to Include the Accounting, Trust and Corporate Formation Services, and Management Consulting Sectors of the Russian Economy and Expands Export Controls to Russian Industrial and Commercial Sectors On Sunday, May 8, 2022, the Secretary of the Treasury issued two determinations pursuant to the authority granted by the U.S. President in Executive orders . The U.S. General License 13 authorizes transactions with Nynas AB or its subsidiaries until July 27th, 2019. . Russian Federation, as well as transactions ordinarily incident and necessary to comply with rules and regulations administered by, and certain actions or investigations involving, the FSB. 5: Authorizing certain transactions involving certain international organizations; General License 13 authorizes U.S. persons to pay taxes, fees, or import duties, and to purchase or receive permits, licenses, registrations, or certifications involving Directive 4 entities that are ordinarily incident and necessary to a persons' day-to-day operations in Russia. On May 25, 2022, the US Department of the Treasury's Office of Foreign Assets Control issued Russia-related General License 13A, "Authorizing Certain Administrative Transactions Prohibited by Directive 4 under Executive Order 14024" ("GL 13A"), which amends and replaces the former GL 13. As with General License 12, transactions permitted under General License 13 must be reported to OFAC within 10 business days after the expiration of the license. 13382, and CAATSA. In addition, OFAC has published new Frequently Asked Questions and updated several Frequently Asked Questions. Part 587 (RuHSR). Andrea M. Digitally signed by Gacki DEPARTMENT OF THE TREASURY WASHINGTON, D.C. OFFICE OF FOREIGN ASSETS CONTROL Russian Harmful Foreign Activities Sanctions Regulations 31 CFR part 587 GENERAL LICENSE NO. The US Department of the Treasury's Office of Foreign Assets Control ('OFAC') has issued two amended general licences under the Ukraine-Related Sanctions Regulations ('URSR'). General License 13. They include the following: General License No. Previously, on February 24, 2022, OFAC . 03/02/2022 The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing Russia-related General License 9A, General License 10A, General License 13, and General License 14 . Nonetheless, the designation of the FSB under the NPWMD sanctions creates . The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing Russia-related General License 13A, "Authorizing Certain Administrative Transactions Prohibited by Directive 4 under Executive Order 14024." Source link On May 25, 2022 By Editor Previous Post Lilly plans to invest $2.1 billion in new manufacturing sites in Indiana Alrosa is the world's largest diamond mining company and USC manufactures a majority of the ships used by the Russian Navy.
GL25 authorizes U.S. persons to engage in transactions that are ordinarily incident and necessary to the to the receipt or transmission of . OFAC is also . Russia-related General License 13A - Authorizing Certain Administrative Transactions Prohibited by Directive 4 under Executive Order 14024 (May 25, 2022) Russia-related General License 14 - Authorizing Certain Clearing and Settlement Transactions Prohibited by Directive 4 under Executive Order 14024 (March 2, 2022) The same day, OFAC also issued Ukraine-/Russia-related General License 13A (GL 13A) to replace and supersede General License 13 (GL 13) in its entirety. The United States targeted members of Russia's elite by adding 15 individuals to the SDN List. OFAC Issues New General Licenses, SDN List Designations and FAQs. OFAC issued a number of general licenses authorizing limited dealings with the sanctioned parties. On May 1, 2018, the Department of Treasury's Office of Foreign Assets Control (OFAC) issued Ukraine- and Russia-related general licenses, along with new and revised FAQs relating to these general licenses. The Department of the Treasury's Office of Foreign Assets Control (OFAC) issued Russia-related Directive 2 and Directive 3 under Executive Order 14024 and Russia-related General License 5, General License 6, General License 7, General License 8, General License 9, General License 10, General License 11, and General License 12. SUMMARY: The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing two general licenses (GLs) issued in the Ukraine-/Russia-Related sanctions program: GL 15K, which was previously issued on OFAC's website and is now expired, and GL 15L, which was also . We summarized these sanctions in our recent blog post here. On February 28, 2022, OFAC issued General License 8A, which modified General License 8 to add the Central Bank of the Russian Federation to the list of entities with which otherwise-prohibited transactions "related to energy" may be conducted. On May 25, 2022, OFAC issued General License 13A, which extends the authorizations of General License 13 of March 2, 2022. OFAC Russia-Related General Licenses. OFAC concurrently issued General License 4 authorizing certain wind-down transactions involving Nord Stream 2 AG. . 8, which was originally issued on February 24, 2022. OFAC issues general licenses in order to authorize activities that would otherwise be prohibited with regard to Ukraine-/Russia-related Sanctions. U.S. fact sheet, general license related to Russia's invasion of Ukraine April 19, 2022 The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) today issued the following documents related to Russia's ongoing invasion of Ukraine. OFAC Clarifies Russia-Related Directive 4 and Transactions with Sberbank. On April 8, the U.S. Department of Commerce also expanded its license requirements for Russia and . 10 authorizes transactions necessary to wind down derivative contracts entered into prior to 4:00 pm ET on February 24 that (1) include one of VEB, Otkritie, Sovcombank, Sberbank, or VTB, or any entity that is 50% or more owned by one of these Russian financial institutions as a counterparty; or (2) are linked . The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) today issued Russia-related general licenses and updated a set of "frequently asked questions" (FAQs). OFAC adds Russian government officials, oligarchs, and mining companies to the SDN List, along with vessels and aircrafts . On May 25, 2022 By Editor. OFAC also has issued general licenses clarifying the applicability of sanctions to transactions by U.S. persons involving certain Russian financial institutions: General License 9A: Transactions relating to dealings in certain debt or equity; General License 10A: Transactions relating to certain derivative contracts; and; General License 15 . The changes to General License No.