U.S. publishes new licenses related to Ukraine, Russia | KPMG | GLOBAL
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United States publishes new licenses related to Ukraine, Russia

U.S. publishes new licenses related to Ukraine, Russia

The U.S. Treasury Department (Office of Foreign Assets Control (OFAC)) issued updated general licenses related to trade and transactions involving Ukraine and Russia.

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General License 12B [PDF 406 KB]—

  • Replaces and supersedes General License 12A
  • 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
  • Clarifies that U.S. financial institutions can release funds for authorized maintenance and wind-down purposes

The OFAC also issued General License 13A [PDF 433 KB] to replace General License 13 and to authorize transactions and activities necessary to divest or transfer debt, equity or other holdings in certain specifically identified entities.

Lastly, OFAC published three new FAQs and revisions to several existing FAQs about these general licenses.

 

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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