May 26, 2022

OFAC announces that provisions in Russia-related General License 9C will not be renewed

The US Department of the Treasury’s Office of Foreign Assets Control announced on May 24, 2022 that it would not renew provisions in General License 9C that were set to expire on May 25, 2022.  General License 9C was issued on February 22, 2022 pursuant to Russian Harmful Foreign Activities Sanctions Regulations, 31 CFR part 587, to temporarily authorize transactions related to certain debt or equity involving five specific Russian financial institutions as long as the divestment or transfer of debt or equity was made to a non-US person.  Transactions involving the transfer of debt or equity involving the following financial institutions will expire on May 25, 2022: State Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank; PJSC Bank Financial Corporation Otkritie; Sovcombank Open JSC; PJSC Sberbank of Russia; VTB Bank PJSC; and any entity in which these institutions own a 50 percent or greater interest.

Department of Treasury Recent Action | General License 9C