OFAC extends two Ukraine-related general licenses and updates several frequently asked questions

On April 25, 2022, the Department of the Treasury’s Office of Foreign Assets Control amended two general licenses – General License 13R and General License 15L – issued pursuant to the Ukraine Related Sanctions Regulations, 31 CFR part 589, to extend the authorization of certain wind down transactions involving the GAZ Group, a Russia-based automotive conglomerate.  OFAC also issued several frequently asked questions in order to provide the public with a general overview of and additional clarity for the provisions in GL 13R and GL 15L.

Ukraine-related General License No. 13R, “Authorizing Certain Transactions Necessary to Divest or Transfer Debt, Equity, or Other Holdings in GAZ Group,” authorizes all transactions that enable US persons to divest or transfer debt, equity or other interests in the GAZ Group to a non-US person until May 25, 2022.  The extension also applies to transactions involving any entity in which GAZ Group owns a 50 percent or greater interest, that was issued by GAZ Auto Plant to a non-US person, or facilitates such a transfer from a non-US person to another non-US person. The above transactions include those made to non-US persons on behalf of US persons.  Any US person that participates in a GL 13R transaction must file a detailed report with OFAC within 10 business days after the general license expires.

Ukraine-related General License No. 15L, “Authorizing the Wind Down of Transactions Involving the GAZ Group,” authorizes all wind down transactions with the GAZ Group or any entity in which the GAZ Group owns a 50 percent or greater interest until May 25, 2022.

Department of Treasury Recent Action | General License 13R | General License 15L | FAQ updates

 
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