OFAC extends RUSAL, EN+ Group and GAZ Group general licence until 23 Oct.

US Treasury Building2OFAC has issued Ukraine/Russia-related General Licence 13C, which replaces and supersedes General Licence 13B in its entirety. General Licence 13C extends the expiration of the general licence to 23 October 2018 (previously 5 August 2018). OFAC Notice here.

Among other things, General Licence 13C authorises transactions and activities necessary to divest or transfer debt, equity or other holdings in EN+ Group, GAZ Group, or United Company RUSAL PLC. It also authorises such transactions in entities in which those persons own (directly or indirectly) a 50% or greater interest, provided that such debt, equity, or other holdings were issued by Irkutskenergo, GAZ Auto Plant, or Rusal Capital Designated Activity Company.

This entry was posted in Russia, USA by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

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