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 standard time, December 5, 2022. The FAQs were amended to reflect the extension of the validity period.
General License 8C 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) Joint Stock Company Alfa-Bank; and (vii) 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 and here.
The author acknowledges the assistance of Ryan Orange with the preparation of this blog post.