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ARTICLE · 01 AUGUST 2022

OFAC Issues General Licenses Enabling Certain Russian Debt Settlement

Lewis Brisbois Bisgaard & Smith LLP
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On July 22, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) issued two new Russia-related General Licenses (GLs) authorizing certain financial transactions...

United StatesInternational Law
Thomas Brooks
Thomas Brooks
George Leahy
George Leahy
Jane Luxton
Jane Luxton
Andrew Pidgirsky
Andrew Pidgirsky
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Washington D.C. (July 29, 2022) - On July 22, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) issued two new Russia-related General Licenses (GLs) authorizing certain financial transactions that are otherwise prohibited under U.S. sanctions laws and regulations. These general licenses grant U.S. persons and financial institutions greater latitude in settling Russian foreign sovereign debt through the wind down of agreements and participation in a credit default swap auction, respectively. The new measures follow Russia's alleged default on a sovereign bond in June 2022 (caused by payment in rubles rather than U.S. dollars) and will help U.S. investors wind down their financial commitments and settle certain credit default swaps.

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