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ARTICLE · 11 MAY 2018

OFAC Issues Updated General Licenses Clarifying And Extending Authorized Activities With Russian Sanctioned Entities

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On May 1, 2018, OFAC issued General License 13A authorizing the divestment or transfer of certain debt, equity or other holdings issued by EN+ Group, GAZ Group or United Company RUSAL PLC ...

United StatesInternational Law
Wynn Segall
Wynn Segall
Jonathan Poling
Jonathan Poling
Nnedinma Ifudu Nweke
Nnedinma Ifudu Nweke
Melissa Schwartz
Melissa Schwartz
Shiva Aminian
Shiva Aminian
Mahmoud Baki Fadlallah
Mahmoud Baki Fadlallah
Jasper Helder
Jasper Helder
Chiara Klaui
Chiara Klaui
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Key Points

  • On May 1, 2018, OFAC issued General License 13A authorizing the divestment or transfer of certain debt, equity or other holdings issued by EN+ Group, GAZ Group or United Company RUSAL PLC, as well as entities in which such persons own 50 percent or greater interest, provided that such debt, equity or other holdings were issued by Irkutskenergo, GAZ Auto Plant or Rusal Capital Designated Activity Company; and extending the wind-down period to 12:01 a.m. Eastern Daylight Time on June 6, 2018
  • On the same day, OFAC also issed General License 12B authorizing originating and intermediary U.S. financial institutions to process funds transfers that they would otherwise block to an account held by a blocked U.S. person at a U.S. financial institution through the wind-down period ending at 12:01 a.m. Eastern Daylight Time on June 5, 2018.

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