The Office of Foreign Assets Control, OFAC, has issued a new General License (GL 8H) to permit otherwise prohibited financial transactions due to sanction measures imposed on the Russian Federation pursuant to Executive Order 14024.
Specifically, GL 8H permits energy-related financial transactions involving the following entities:
(1) State Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank;
(2) Public Joint Stock Company Bank Financial Corporation Otkritie;
(3) Sovcombank Open Joint Stock Company;
(4) Public Joint Stock Company Sberbank of Russia;
(5) VTB Bank Public Joint Stock Company;
(6) Joint Stock Company Alfa-Bank;
(7) Public Joint Stock Company Rosbank;
(8) Bank Zenit Public Joint Stock Company;
(9) Bank Saint-Petersburg Public Joint Stock Company;
(10) Any entity in which one or more of the above persons own, directly or indirectly, individually or in the aggregate, a 50 percent or greater interest; or
(11) the Central Bank of the Russian Federation.
Please note that the license is time-limited up to May 1, 2024. Please also note the transactions which are NOT authorized by this license (e.g. any debits to accounts held by the Central Bank of the Russian Federation at U.S. financial institutions).
Other Features
banks
payment services
sanctions
Date Published: 2023-10-25
Regulatory Framework: US Sanctions
Regulatory Type: procedure
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