November 11, 2022

OFAC issues general license authorizing energy-related transactions with certain Russian entities

On November 10, 2022, the Department of the Treasury’s Office of Foreign Assets Control issued General License 8D pursuant to the Russian Harmful Foreign Activities Sanctions Regulations (“RuHSR”), 31 CFR part 587, to temporarily authorize transactions related to energy involving one for more of the following entities until May 15, 2023:

• State Corporation Bank for Development and Foreign Economic Affairs Venesheconombank;
• Public Joint Stock Company Bank Financial Corporation Otkritie;
• Sovcombank Open Joint Stock Company;
• Public Joint Stock Company Sberbank of Russia; 
• VTB Bank Public Joint Stock Company;
• Joint Stock Company Alfa-Bank;
• Entities in which one or more of the abovementioned persons  own a 50 percent or greater interest; or 
• The Central Bank of the Russian Federation.

GL 8D effectively replaces and supersedes GL 8C, issued on June 14, 2022, in its entirety.

Department of Treasury Recent Action | General License 8D