OFAC Extends General Licenses Related To Ukraine Sanctions

OFAC extended two General Licenses concerning a Russian entity targeted under Ukraine-related sanctions:

• General License  13Qauthorizes certain transactions to divest or transfer holdings in GAZ Group and entities owned 50 percent or more by GAZ Group; and
• General License  15Kauthorizes certain transactions involving GAZ Group and entities owned 50 percent or more by GAZ Group, including transactions related to the purchase of vehicles and vehicle parts, and activities necessary to maintain or wind down operations or existing contracts.

The extensions will remain in effect until 12:01 a.m., Eastern Daylight Time, on April 27, 2022. OFAC also issued updated FAQs in connection with General Licenses Nos. 13Q and 15K.

Primary Sources

1. Issuance of Ukraine-Related General Licenses 13Q and 15K and Amended Frequently Asked Questions
2. OFAC: General License No. 13Q - Authorizing Certain Transactions Necessary to Divest or Transfer Debt, Equity or Other Holdings in GAZ Group
3. OFAC: General License No. 15K - Authorizing Certain Activities Involving GAZ Group
4. OFAC: Amended FAQs - Ukraine-/Russia-Related Sanctions

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.