August 22, 2022

OFAC issues Russia-related General Licenses 38A and 50

On August 19, 2022, the Department of the Treasury’s Office of Foreign Assets Control issued General License 38A and 50 pursuant to the Russian Harmful Foreign Activities Sanctions Regulations (RuHSR), 31 CFR part 587.  General License 38A authorizes all transactions that are necessary for the processing of pension payments to US persons or to non-US persons that are not located in Russia, provided that blocked persons are only involved in the processing of funds by financial institutions blocked pursuant to EO 14024.  GL 38A effectively replaces and supersedes GL 38 in its entirety.

OFAC issued General License 50 to authorize transactions necessary to close an account held at a financial institution blocked pursuant to EO 14024, for accounts wherever located, as long as the account holder is not a blocked person.  GL 50 also authorizes the unblocking and lump sum transfer of all remaining funds and other assets in these accounts to the account holder; this includes accounts held at a non-blocked financial institution.

Department of Treasury Recent Action | General License 38A | General License 50