Following US sanctions imposed on a number of Russians on 6 April 2018 (previous blog), OFAC has issued 2 new Ukraine/Russia-related general licences:
- General License 15, which authorises US persons to engage in specified transactions related to winding down or maintaining business with GAZ Group and its subsidiaries until 23 October 2018.
- General License 12C, which replaces and supersedes General License 12B (previous blog) in its entirety. General License 12C “permits originating and intermediary U.S. financial institutions to process funds transfers that they would otherwise block to an account held by a blocked U.S. person at a U.S. financial institution. In addition, General License 12C clarifies that U.S. financial institutions can release such funds for authorized maintenance and wind-down purposes.”