OFAC issues new Russia-related general license addressing Sberbark subsidiaries

On April 12, 2022, the Department of the Treasury’s Office of Foreign Assets Control issued a new general license pursuant to Russian Harmful Foreign Activities Sanctions Regulations, 31 CFR part 587.  OFAC issued General License 26 to temporarily authorize wind down transactions involving two Sberbank subsidiaries, Joint Stock Company SB Sberbank Kazakhstan or Sberbank Europe AG or any entity in which they own a 50 percent or greater interest.  GL 26 allows transactions that are otherwise prohibited by Executive Order 14024 until July 12, 2022.

Department of Treasury Recent Action | General License 26