OFAC Extends Expiration Date Of General Licenses Regarding Ukraine-Related Sanctions

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The U.S. Treasury Department Office of Foreign Assets Control ("OFAC") extended the expiration date of two general licenses with respect to Ukraine-related sanctions.

United States International Law

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The U.S. Treasury Department Office of Foreign Assets Control ("OFAC") extended the expiration date of two general licenses with respect to Ukraine-related sanctions.

General License 13K, which replaces General License 13J, authorizes certain transactions necessary to divest or transfer debt, equity or other holdings in GAZ Group. All transactions and activities otherwise prohibited by the Ukraine-Related Sanctions Regulations that are necessary to (i) divest or transfer debt, equity or other holdings in GAZ Group to a non-U.S. person or (ii) facilitate the transfer of debt, equity or other holdings in GAZ Group by a non-U.S. person to another non-U.S. person are permitted through July 6, 2019.

General License 15E, which replaces General License 15D, authorizes certain activities necessary to the maintenance or wind-down of operations or existing contracts with GAZ Group. All transactions and activities prohibited by the Ukraine-Related Sanctions Regulations that are necessary to the maintenance or wind-down of operations, contracts or other agreements concerning GAZ Group or any other entity in which GAZ Group owns, directly or indirectly, a 50 percent or greater interest and that were in effect prior to April 6, 2018 are permitted through July 6, 2019.

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