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U.S. general licenses; Ukraine, Russia-related transactions and FAQs

U.S. general licenses; Ukraine, Russia-related

The U.S. Treasury Department, Office of Foreign Assets Control (OFAC), today issued new general licenses concerning Ukraine-related / Russia-related transactions and also published new “frequently asked questions” (FAQs) about the general licenses.

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As noted in Treasury’s OFAC release:

  • General License 15 authorizes U.S. persons to engage in specified transactions related to winding down or maintaining business with GAZ Group and its subsidiaries until 23 October 2018.  
  • General License 12C replaces and supersedes General License 12B; permits 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; and clarifies that U.S. financial institutions can release such funds for authorized maintenance and wind-down purposes.  
  • There are six new FAQs and revisions to existing FAQs about these general licenses.  

Treasury’s OFAC on 25 May 2018 announced the release of two new FAQs related to Ukraine and Russia. Read the Treasury release

 

For more information, contact a professional with KPMG’s Trade & Customs practice:

Douglas Zuvich | +1 (312) 665-1022 | dzuvich@kpmg.com

Andrew Siciliano | +1 (631) 425-6057 | asiciliano@kpmg.com

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