OFAC issues Russia-related general license to enable certain ATM and cash processing services

On August 12, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control issued General License 102 under Russian Harmful Foreign Activities Sanctions Regulations (“RuHSR”), 31 CFR part 587, to temporarily authorize certain transactions involving VPower Finance Security (Hong Kong) Limited that would otherwise be prohibited under Executive Order 14024.  OFAC designated VPower, on June 12, 2024, for transporting Russian-origin gold as part of a multi-layered money laundering scheme.  The general license authorizes transactions related to the transportation, delivery or storage of currency; cash processing services; or the maintenance of automated teller machines (“ATMs”) within Hong Kong involving VPower until November 12, 2024.

General License 102