May 1, 2024

OFAC extends permission to transact with certain energy-related entities based in Russia

On April 29, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control issued General License 8I pursuant to the Russian Harmful Foreign Activities Sanctions Regulations (“RuHSR”), 31 CFR part 587.  General License 8I was issued to extend the authorization of energy-related transactions to November 1, 2024 for transactions that involve one or more of the following entities:

• State Corporation Bank for Development and Foreign Economic Affairs Vnesheconomank;
• 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;
• Public Joint Stock Company Rosbank;
• Bank Zenit Public Joint Stock Company;
• Bank Saint-Petersburg Public Joint Stock Company;
• 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 8I effectively replaces and supersedes GL 8H in its entirety.

General License 8I