Rule2022-19313
Publication of Russian Harmful Foreign Activities Sanctions Regulations Web General Licenses 38A and 50
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 8, 2022
Issuing agencies
Treasury DepartmentForeign Assets Control Office
Abstract
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing two general licenses (GLs) issued in the Russian Harmful Foreign Activities Sanctions Regulations: GLs 38A and 50, each of which was previously made available on OFAC's website.
Full Text
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<title>Federal Register, Volume 87 Issue 173 (Thursday, September 8, 2022)</title>
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[Federal Register Volume 87, Number 173 (Thursday, September 8, 2022)]
[Rules and Regulations]
[Pages 54897-54898]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-19313]
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DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 587
Publication of Russian Harmful Foreign Activities Sanctions
Regulations Web General Licenses 38A and 50
AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Publication of web general licenses.
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SUMMARY: The Department of the Treasury's Office of Foreign Assets
Control (OFAC) is publishing two general licenses (GLs) issued in the
Russian Harmful Foreign Activities Sanctions Regulations: GLs 38A and
50, each of which was previously made available on OFAC's website.
DATES: GLs 38A and 50 were issued on August 19, 2022. See SUPPLEMENTARY
INFORMATION for additional relevant dates.
FOR FURTHER INFORMATION CONTACT: OFAC: Assistant Director for
Licensing, 202-622-2480; Assistant Director for Regulatory Affairs,
202-622-4855; or Assistant Director for Sanctions Compliance &
Evaluation, 202-622-2490.
SUPPLEMENTARY INFORMATION:
Electronic Availability
This document and additional information concerning OFAC are
available on OFAC's website: <a href="http://www.treas.gov/ofac">www.treas.gov/ofac</a>.
Background
On August 19, 2022, OFAC issued GLs 38A and 50 to authorize certain
transactions otherwise prohibited by the Russian Harmful Foreign
Activities Sanctions Regulations, 31 CFR part 587.
GL 38A replaced and superseded GL 38 and contains no expiration
date. GL 50 contains no expiration date. At the time of issuance, GLs
38A and 50 were each made available on OFAC's website (<a href="http://www.treas.gov/ofac">www.treas.gov/ofac</a>). The text of these GLs is provided below.
OFFICE OF FOREIGN ASSETS CONTROL
Russian Harmful Foreign Activities Sanctions Regulations 31 CFR Part
587
GENERAL LICENSE NO. 38A
Authorizing Transactions Related to Pension Payments
(a) Except as provided in paragraph (b) of this general license,
all transactions ordinarily incident and necessary to the processing of
pension payments to (1) U.S. persons or (2) non-U.S. persons not
located in the Russian Federation, that are prohibited by Executive
Order (E.O.) 14024 are authorized, provided that the only involvement
of blocked persons is the processing of funds by financial institutions
blocked pursuant to E.O. 14024.
(b) This general license does not authorize:
(1) The opening or maintaining of a correspondent account or
payable-through account for or on behalf of any entity determined to be
subject to the prohibitions of Directive 2, Prohibitions Related to
Correspondent or Payable-Through Accounts and Processing of
Transactions Involving Certain Foreign Financial Institutions;
(2) Any debit to an account on the books of a U.S. financial
institution of the Central Bank of the Russian Federation, the National
Wealth Fund of the Russian Federation, or the Ministry of Finance of
the Russian Federation; or
(3) Any transactions otherwise prohibited by the Russian Harmful
Foreign Activities Sanctions Regulations, 31 CFR part 587 (RuHSR),
including transactions involving any person blocked pursuant to the
RuHSR other than the blocked persons described in paragraph (a) of this
general license, unless separately authorized.
(c) Effective August 19, 2022, General License No. 38, dated June
2, 2022, is replaced and superseded in its entirety by this General
License No. 38A.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.
Dated: August 19, 2022.
OFFICE OF FOREIGN ASSETS CONTROL
Russian Harmful Foreign Activities Sanctions Regulations 31 CFR Part
587
GENERAL LICENSE NO. 50
Authorizing the Closing of Individual Accounts at Financial
Institutions Blocked Pursuant to Executive Order 14024
(a) Except as provided in paragraph (b) of this general license,
all transactions prohibited by Executive Order (E.O.) 14024 that are
ordinarily incident and necessary to (i) the closing of an account of
an individual, wherever located, who is not a blocked person (``the
account holder''), held at a financial institution blocked pursuant to
E.O. 14024, and (ii) the unblocking and lump sum transfer of all
remaining funds and other assets in the account to the account holder,
including to an account of the account holder held at a
[[Page 54898]]
non-blocked financial institution, are authorized.
(b) This general license does not authorize:
(1) The opening or maintaining of a correspondent account or
payable-through account for or on behalf of any entity subject to
Directive 2 under E.O. 14024, Prohibitions Related to Correspondent or
Payable-Through Accounts and Processing of Transactions Involving
Certain Foreign Financial Institutions;
(2) Any transactions prohibited by Directive 4 under E.O. 14024,
Prohibitions Related to Transactions Involving the Central Bank of the
Russian Federation, the National Wealth Fund of the Russian Federation,
and the Ministry of Finance of the Russian Federation; or
(3) Any transactions otherwise prohibited by the Russian Harmful
Foreign Activities Sanctions Regulations, 31 CFR part 587 (RuHSR),
including transactions involving any person blocked pursuant to the
RuHSR other than the blocked persons described in paragraph (a) of this
general license, unless separately authorized.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.
Dated: August 19, 2022.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.
[FR Doc. 2022-19313 Filed 9-7-22; 8:45 am]
BILLING CODE 4810-AL-P
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