ARTICLE · 26 JANUARY 2022

OFAC Extends Two Ukraine-Related General Licenses Involving GAZ Group

Thompson Hine LLP

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The Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced its extension of two general licenses related to GAZ Group, Ukraine-related General License No. 13Q...

UkraineInternational Law

Scott E. Diamond

The Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced its extension of two general licenses related to GAZ Group, Ukraine-related General License No. 13Q, “Authorizing Certain Transactions Necessary to Divest or Transfer Debt, Equity, or Other Holdings in GAZ Group” and Ukraine-related General License No. 15K, “Authorizing Certain Activities Involving GAZ Group” until April 27, 2022. OFAC's 90-day extension of both licenses is shorter than the previous extensions for one-year periods.

Effective January 24, 2022, General License 13Q supersedes and replaces General License 13P, dated December 23, 2020. General License 13Q authorizes all transactions and activities otherwise prohibited by Ukraine Related Sanctions Regulations, 31 C.F.R. Part 589 (“URSR”), that are ordinarily incident and necessary to:

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