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ARTICLE · 01 DECEMBER 2022

OFAC Issues General Licenses, Providing Narrow Exceptions To Sanctions

Lewis Brisbois Bisgaard & Smith LLP
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In recent weeks, U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has issued several general licenses that provide limited exceptions to certain activities...

United StatesInternational Law
Rebecca Stoddard
Rebecca Stoddard
Jane Luxton
Jane Luxton
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Washington, D.C. (November 29, 2022) – In recent weeks, U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has issued several general licenses that provide limited exceptions to certain activities that have been prohibited under various Executive Orders (E.O.s). Many U.S. persons and industries have been affected by these prohibitions and the logistical difficulties they have caused. These licenses will provide some relief to those affected, while still safeguarding the national security interests protected by the sanctions.

General License No. 53

On November 10, 2022, OFAC issued General License No. 53, Authorizing Transactions for Diplomatic Missions of the Russian Federation Prohibited by Directive 4, under Executive Order 14024. Directive 4 prohibits any transactions involving the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, and the Ministry of Finance of the Russian Federation, all of

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