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OFAC General License

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On June 27, 2022, President Biden and the other G7 leaders issued a statement on support for Ukraine (“G7 Statement”), in which they vowed to sustain and intensify their coordinated sanctions measures in response to Russia’s war of aggression. The corresponding White House Announcement outlines the actions the Biden Administration planned to take in coordination with the G7, including additional sanctions measures. The following day, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”)…

On June 14, 2022, the US Department of the Treasury’s Office of Foreign Assets Controls (“OFAC”) reissued Russia-related General License 8C, “Authorizing Transactions Related to Energy.” OFAC also amended several Frequently Asked Questions (“FAQs”) related to this reissued General License. The scope of the General License did not change since the previous reissuance; however, transactions “related to energy” with the list of entities listed in the General License are now authorized through 12:01 a.m. eastern…

On June 2, 2022, the US Government increased sanctions against Russia in stated response to Russian attempts to evade US sanctions, including targeting additional government officials, business leaders and luxury assets. The US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced a new round of Russia -related designations to the Specially Designated Nationals and Blocked Persons List (“SDN List”). OFAC also amended one existing general license (“GL”), issued two wind-down general licenses,…

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. Our previous blog post on GL 13 can be found here. Consistent with GL 13, GL 13A continues to authorize, subject to certain conditions, US Persons to pay taxes, fees, or import duties…