November 18, 2022

OFAC issues General License 54

The Office of Foreign Assets Control of the US Department of the Treasury has issued General License 54 to permit transactions incident to the purchase or receipt of VEON Ltd. securities that would otherwise be prohibited by Executive Order 14071, as long as the debt or equity securities were issued prior to June 6, 2022.  Executive Order 14071, issued in April 2022, prohibits new investment in the Russian Federation.  Its prohibitions also include the importation, sale or supply of services from the United States or by US persons.  VEON Ltd. is global digital operator incorporated in Bermuda and headquartered in the Netherlands, with 200 million subscribers worldwide, and its largest market in Russia.  The company announced on November 2, 2022 that it was selling its Russian operations.  Its Form 20-F, filed with the US Securities and Exchange Commission on April 29, 2022, warned that the company might not be able to continue as a going concern due to the war in Ukraine and ensuing economic sanctions and other challenges, and might not be able to realize its assets  or discharge its liabilities.

GL 54