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Tick, tick, tick… Russian Harmful Foreign Activities General License 9C not being renewed

Notice on Russian Harmful Foreign Activities Sanctions General License 9C

Release date

05/24/2022

Body

OFAC will not renew the provisions of GL-9C issued pursuant to the Russian Harmful Foreign Activities Sanctions Regulations, 31 CFR part 587, that expire on May 25, 2022 at 12:01 a.m. EDT.

GL9C was the one that authorized divestiture transactions of the debt or equity of 5 Russian banks (Vnesheconombank, Otkritie, Sovcombank, Sberbank, and VTB) in section (a)(1) – and for interest, divdends and maturity payments for securities of the Central Bank, National Wealth Fund and Ministry of Finance of the Russian Federation (section c). However, there are clauses which are not expiring – section (a)(2) authorizes transactions in Alfa-Bank’s securities through June 30th, and (a)(3) authorizes transactions in Alrosa’s securities till the next day (July 1).

Link:

OFAC Notice

Categories: Licenses OFAC Updates Russian Harmful Foreign Activities Sanctions

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