On May 31, 2023, the Department of the Treasury’s Office of Foreign Assets Control issued General License 69 pursuant to Russian Harmful Foreign Activities Sanctions Regulations (“RuHSR”), 31 CFR part 587, to authorize, until June 30, 2023, certain transactions that are necessary to the process interest or principal payments on debt securities issued by International Investment Bank (“IIB”) that would otherwise be prohibited by Executive Order 14024. The general license authorizes payments on debt securities issued by IIB before April 12, 2023, provided that the interest or principal payments are not made to persons located in Russia and any payments to blocked persons are placed into blocked accounts in accordance with the RuHSR.
General License 69 also authorizes US financial institutions to unblock interest or principal payments that were blocked on or after April 12, 2023 but before May 31, 2023 on debt securities issued by IIB prior to April 12, 2023 as long as the funds are unblocked solely to effectuate transactions under this general license. However, any US financial institution that unblocks property under this general license must file an unblocking report pursuant to 31 CFR § 501.603.