On May 5, 2023, the US Department of the Treasury’s Office of Foreign Assets Controls (“OFAC”) reissued Russia-related General License 8G, “Authorizing Transactions Related to Energy.” 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 time, November 1, 2023 (instead of expiring on May 16, 2023).
General License 8D authorizes transactions “related to energy” with: (i) State Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank (i.e., “VEB Bank”); (ii) Otkritie; (iii) Sovcombank; (iv) Sberbank; (v) VTB Bank; (vi) Alfa-Bank; (vii) Rosbank; (viii) Bank Zenit; (ix) Bank Saint-Petersburg; (x) the Central Bank of the Russian Federation; and any entity in which is owned 50% or more. Our blog post on the initial issuance of this General License can be found here. Our blog posts on the previous reissuances of this General License can be found here, here, here, here, here, and here.
The author acknowledges the assistance of Ryan Orange with the preparation of this blog post.