President Joseph Biden issued an Executive Order ("EO") to preserve property of Afghanistan's central bank, Da Afghanistan Bank ("DAB"). The Order addresses the humanitarian crisis and possible "deepening economic collapse" in Afghanistan, which the Order states "constitutes a threat to U.S. national security and foreign policy."
The EO requires that U.S. financial institutions, including the Federal Reserve Bank of New York ("New York Fed"), hold all of DAB's property and interests in property. Such property is blocked and may not be transferred, paid, withdrawn, or exported at this time, except into a consolidated account held at the New York Fed. The EO addresses various parties that "have asserted legal claims against certain property of DAB" or indicated "an intent to make such claims."
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