Rule2022-19512
Publication of Russian Harmful Foreign Activities Sanctions Regulations Web General Licenses 9, 9A, 9B, 9C, 10, 10A, 10B, 10C, 11, and 12
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 9, 2022
Issuing agencies
Treasury DepartmentForeign Assets Control Office
Abstract
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing ten general licenses (GLs) issued in the Russian Harmful Foreign Activities Sanctions program: GLs 9, 9A, 9B, 9C, 10, 10A, 10B, 10C, 11, and 12, each of which was previously made available on OFAC's website.
Full Text
<html>
<head>
<title>Federal Register, Volume 87 Issue 174 (Friday, September 9, 2022)</title>
</head>
<body><pre>
[Federal Register Volume 87, Number 174 (Friday, September 9, 2022)]
[Rules and Regulations]
[Pages 55267-55273]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-19512]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 587
Publication of Russian Harmful Foreign Activities Sanctions
Regulations Web General Licenses 9, 9A, 9B, 9C, 10, 10A, 10B, 10C, 11,
and 12
AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Publication of Web General Licenses.
-----------------------------------------------------------------------
SUMMARY: The Department of the Treasury's Office of Foreign Assets
Control (OFAC) is publishing ten general licenses (GLs) issued in the
Russian Harmful Foreign Activities Sanctions program: GLs 9, 9A, 9B,
9C, 10, 10A, 10B, 10C, 11, and 12, each of which was previously made
available on OFAC's website.
DATES: GL 9 was issued on February 24, 2022 with an expiration date of
May 25, 2022. See SUPPLEMENTARY INFORMATION for additional relevant
dates.
[[Page 55268]]
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 February 24, 2022, OFAC issued GL 9, with an expiration date of
May 25, 2022, to authorize certain activities prohibited by Executive
Order (E.O.) 14024 of April 15, 2021, ``Blocking Property With Respect
To Specified Harmful Foreign Activities of the Government of the
Russian Federation'' (86 FR 20249, April 19, 2021). On March 1, 2022,
OFAC incorporated E.O. 14024 into the Russian Harmful Foreign
Activities Sanctions Regulations, 31 CFR part 587 (87 FR 11297, March
1, 2022), so subsequent iterations of GL 9 were issued pursuant to the
Russian Harmful Foreign Activities Sanctions Regulations. On March 2,
2022, OFAC issued GL 9A, which superseded GL 9 and had an expiration
date of May 25, 2022. On April 6, 2022, OFAC issued GL 9B, which
superseded GL 9A. GL 9B had different expiration dates for different
provisions: paragraphs (a)(1), (b)(1)(i), and (c) of GL 9B had an
expiration date of May 25, 2022; and paragraphs (a)(2) and (b)(1)(ii)
had an expiration date of June 30, 2022. On April 7, 2022, OFAC issued
GL 9C, which superseded GL 9B. GL 9C also had different expiration
dates for different provisions: paragraphs (a)(1), (b)(1)(i), and (c)
of GL 9B had an expiration date of May 25, 2022; paragraphs (a)(2) and
(b)(1)(ii) had an expiration date of June 30, 2022; and paragraphs
(a)(3) and (b)(1)(iii) had an expiration date of July 1, 2022.
Similar to GL 9, OFAC issued GL 10 to authorize certain activities
prohibited by E.O. 14024, then issued subsequent iterations pursuant to
the Russian Harmful Foreign Activities Sanctions Regulations. On
February 24, 2022, OFAC issued GL 10, with an expiration date of May
25, 2022. On March 2, 2022, OFAC issued GL 10A, which superseded GL 10
and had an expiration date of May 25, 2022. On April 6, 2022, OFAC
issued GL 10B, which superseded GL 10A. GL 10B had different expiration
dates for different provisions: paragraphs (a)(1) and (b) had an
expiration date of May 25, 2022; and paragraph (a)(2) had an expiration
date of June 30, 2022. On April 7, 2022, OFAC issued GL 10C, which
superseded GL 10B. Like GL 10B, GL 10C had different expiration dates
for different provisions: paragraph (a)(1) and paragraph (b) had an
expiration date of May 25, 2022; paragraph (a)(2) had an expiration
date of June 30, 2022; and paragraph (a)(3) had an expiration date of
July 1, 2022.
On February 24, 2022, OFAC issued GL 11, with an expiration date of
March 26, 2022, and GL 12, also with an expiration date of March 26,
2022, to authorize certain activities prohibited by E.O. 14024.
At the time of issuance, OFAC made GLs 9, 9A, 9B, 9C, 10, 10A, 10B,
10C, 11, and 12 available on its 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
Executive Order 14024 of April 15, 2021
Blocking Property With Respect to Specified Harmful Foreign Activities
of the Government of the Russian Federation
GENERAL LICENSE NO. 9
Authorizing Transactions Related to Dealings in Certain Debt or Equity
(a) Except as provided in paragraphs (c) and (d) of this general
license, all transactions prohibited by Executive Order (E.O.) 14024
that are ordinarily incident and necessary to dealings in debt or
equity of one or more of the following entities issued prior to
February 24, 2022 (``covered debt or equity'') are authorized through
12:01 a.m. eastern daylight time, May 25, 2022, provided that any
divestment or transfer of, or facilitation of divestment or transfer
of, covered debt or equity must be to a non-U.S. person:
(1) State Corporation Bank for Development and Foreign Economic
Affairs Vnesheconombank;
(2) Public Joint Stock Company Bank Financial Corporation Otkritie;
(3) Sovcombank Open Joint Stock Company;
(4) Public Joint Stock Company Sberbank of Russia;
(5) VTB Bank Public Joint Stock Company; or
(6) Any entity in which one or more of the above entities own,
directly or indirectly, individually or in the aggregate, a 50 percent
or greater interest.
Note to paragraph (a). The transactions authorized in paragraph
(a) of this general license include facilitating, clearing, and
settling transactions to divest covered debt or equity to a non-U.S.
person, including on behalf of U.S. persons.
(b)(1) Except as provided in paragraph (d) of this general license,
all transactions prohibited by E.O. 14024 that are ordinarily incident
and necessary to facilitating, clearing, and settling trades of covered
debt or equity are authorized through 12:01 a.m. eastern daylight time,
May 25, 2022, provided such trades were placed prior to 4:00 p.m.
eastern standard time, February 24, 2022.
(2) Debits to accounts on the books of a U.S. financial institution
of the blocked entities described in paragraph (a) of this general
license are authorized to the extent ordinarily incident and necessary
to effect the transactions authorized in paragraph (b)(1) of this
general license.
(c) Paragraph (a) of this general license does not authorize:
(1) U.S. persons to sell, or to facilitate the sale of, covered
debt or equity to, directly or indirectly, any person whose property
and interests in property are blocked; or
(2) U.S. persons to purchase or invest in, or to facilitate the
purchase of or investment by U.S. persons in, directly or indirectly,
covered debt or equity, other than purchases of or investments in
covered debt or equity that are ordinarily incident and necessary to
the divestment or transfer of covered debt or equity as described in
paragraph (a) of this general license.
(d) 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; or
(2) Any transactions involving any person blocked pursuant to E.O.
14024 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: February 24, 2022.
[[Page 55269]]
OFFICE OF FOREIGN ASSETS CONTROL
Russian Harmful Foreign Activities Sanctions Regulations
31 CFR Part 587
GENERAL LICENSE NO. 9A
Authorizing Transactions Related to Dealings in Certain Debt or Equity
(a) Except as provided in paragraphs (d) and (e) of this general
license, all transactions prohibited by the Russian Harmful Foreign
Activities Sanctions Regulations, 31 CFR part 587 (RuHSR), that are
ordinarily incident and necessary to dealings in debt or equity of one
or more of the following entities issued prior to February 24, 2022
(``covered debt or equity'') are authorized through 12:01 a.m. eastern
daylight time, May 25, 2022, provided that any divestment or transfer
of, or facilitation of divestment or transfer of, covered debt or
equity must be to a non- U.S. person:
(1) State Corporation Bank for Development and Foreign Economic
Affairs Vnesheconombank;
(2) Public Joint Stock Company Bank Financial Corporation Otkritie;
(3) Sovcombank Open Joint Stock Company;
(4) Public Joint Stock Company Sberbank of Russia;
(5) VTB Bank Public Joint Stock Company; or
(6) Any entity in which one or more of the above entities own,
directly or indirectly, individually or in the aggregate, a 50 percent
or greater interest.
Note to paragraph (a). The transactions authorized in paragraph
(a) of this general license include facilitating, clearing, and
settling transactions to divest covered debt or equity to a non-U.S.
person, including on behalf of U.S. persons.
(b)(1) Except as provided in paragraph (e) of this general license,
all transactions
prohibited by the RuHSR that are ordinarily incident and necessary
to facilitating, clearing, and settling trades of covered debt or
equity are authorized through 12:01 a.m. eastern daylight time, May 25,
2022, provided such trades were placed prior to 4:00 p.m. eastern
standard time, February 24, 2022.
(2) Debits to accounts on the books of a U.S. financial institution
of the blocked entities described in paragraph (a) of this general
license are authorized to the extent ordinarily incident and necessary
to effect the transactions authorized in paragraph (b)(1) of this
general license.
(c) Except as provided in paragraph (e) of this general license,
all transactions prohibited by Directive 4 under Executive Order (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, that
are ordinarily incident and necessary to the receipt of interest,
dividend, or maturity payments in connection with debt or equity 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 issued before March 1, 2022, are authorized through 12:01
a.m. eastern daylight time, May 25, 2022.
(d) Paragraph (a) of this general license does not authorize:
(1) U.S. persons to sell, or to facilitate the sale of, covered
debt or equity to, directly or indirectly, any person whose property
and interests in property are blocked; or
(2) U.S. persons to purchase or invest in, or to facilitate the
purchase of or investment by U.S. persons in, directly or indirectly,
covered debt or equity, other than purchases of or investments in
covered debt or equity that are ordinarily incident and necessary to
the divestment or transfer of covered debt or equity as described in
paragraph (a) of this general license.
(e) 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 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 RuHSR, including
transactions involving any person blocked pursuant to the RuHSR other
than the persons described in paragraph (a) of this general license,
unless separately authorized.
(f) Effective March 2, 2022, General License No. 9, dated February
24, 2022, is replaced and superseded in its entirety by this General
License No. 9A.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.
Dated: March 2, 2022.
OFFICE OF FOREIGN ASSETS CONTROL
Russian Harmful Foreign Activities Sanctions Regulations
31 CFR Part 587
GENERAL LICENSE NO. 9B
Authorizing Transactions Related to Dealings in Certain Debt or Equity
(a)(1) Except as provided in paragraphs (d) and (e) of this general
license, all transactions prohibited by the Russian Harmful Foreign
Activities Sanctions Regulations, 31 CFR part 587 (RuHSR), that are
ordinarily incident and necessary to dealings in debt or equity of one
or more of the following entities issued prior to February 24, 2022
(``Tranche 1 debt or equity'') are authorized through 12:01 a.m.
eastern daylight time, May 25, 2022, provided that any divestment or
transfer of, or facilitation of divestment or transfer of, Tranche 1
debt or equity must be to a non-U.S. person:
(i) State Corporation Bank for Development and Foreign Economic
Affairs Vnesheconombank;
(ii) Public Joint Stock Company Bank Financial Corporation
Otkritie;
(iii) Sovcombank Open Joint Stock Company;
(iv) Public Joint Stock Company Sberbank of Russia;
(v) VTB Bank Public Joint Stock Company; or
(vi) Any entity in which one or more of the above entities own,
directly or indirectly, individually or in the aggregate, a 50 percent
or greater interest.
(2) Except as provided in paragraphs (d) and (e) of this general
license, all transactions prohibited by the RuHSR that are ordinarily
incident and necessary to dealings in debt or equity of Joint Stock
Company Alfa-Bank (``Alfa-Bank'') or any entity in which Alfa-Bank
owns, directly or indirectly, a 50 percent or greater interest, issued
prior to April 6, 2022 (``Alfa-Bank debt or equity'') are authorized
through 12:01 a.m. eastern daylight time, June 30, 2022, provided that
any divestment or transfer of, or facilitation of divestment or
transfer of, Alfa-Bank debt or equity must be to a non-U.S. person.
Note to paragraph (a). The transactions authorized in paragraph
(a) of this general license include facilitating, clearing, and
settling transactions to divest covered debt or equity to a non-U.S.
person, including on behalf of U.S. persons.
(b)(1) Except as provided in paragraph (e) of this general license,
all transactions prohibited by the RuHSR that are ordinarily incident
and
[[Page 55270]]
necessary to facilitating, clearing, and settling trades are
authorized:
(i) for Tranche 1 debt or equity, through 12:01 a.m. eastern
daylight time, May 25, 2022, provided such trades were placed prior to
4:00 p.m. eastern standard time, February 24, 2022; and
(ii) for Alfa-Bank debt or equity, through 12:01 a.m. eastern
daylight time, June 30, 2022, provided such trades were placed prior to
4:00 p.m. eastern daylight time, April 6, 2022.
(2) Debits to accounts on the books of a U.S. financial institution
of the blocked entities described in paragraph (a) of this general
license are authorized to the extent ordinarily incident and necessary
to effect the transactions authorized in paragraph (b) of this general
license.
(c) Except as provided in paragraph (e) of this general license,
all transactions prohibited by Directive 4 under Executive Order (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, that
are ordinarily incident and necessary to the receipt of interest,
dividend, or maturity payments in connection with debt or equity 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 issued before March 1, 2022, are authorized through 12:01
a.m. eastern daylight time, May 25, 2022.
(d) Paragraph (a) of this general license does not authorize:
(1) U.S. persons to sell, or to facilitate the sale of, covered
debt or equity to, directly or indirectly, any person whose property
and interests in property are blocked; or
(2) U.S. persons to purchase or invest in, or to facilitate the
purchase of or investment by U.S. persons in, directly or indirectly,
covered debt or equity, other than purchases of or investments in
Tranche 1 debt or equity or Alfa-Bank debt or equity (``covered debt or
equity'') that are ordinarily incident and necessary to the divestment
or transfer of covered debt or equity as described in paragraph (a) of
this general license.
(e) 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 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 RuHSR, including
transactions involving any person blocked pursuant to the RuHSR other
than the persons described in paragraph (a) of this general license,
unless separately authorized.
(f) Effective April 6, 2022, General License No. 9A, dated March 2,
2022, is replaced and superseded in its entirety by this General
License No. 9B.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.
Dated: April 6, 2022.
OFFICE OF FOREIGN ASSETS CONTROL
Russian Harmful Foreign Activities Sanctions Regulations
31 CFR Part 587
GENERAL LICENSE NO. 9C
Authorizing Transactions Related to Dealings in Certain Debt or Equity
(a)(1) Except as provided in paragraphs (d) and (e) of this general
license, all transactions prohibited by the Russian Harmful Foreign
Activities Sanctions Regulations, 31 CFR part 587 (RuHSR), that are
ordinarily incident and necessary to dealings in debt or equity of one
or more of the following entities issued prior to February 24, 2022
(``Russian financial institution debt or equity'') are authorized
through 12:01 a.m. eastern daylight time, May 25, 2022, provided that
any divestment or transfer of, or facilitation of divestment or
transfer of, Russian financial institution debt or equity must be to a
non-U.S. person:
(i) State Corporation Bank for Development and Foreign Economic
Affairs Vnesheconombank;
(ii) Public Joint Stock Company Bank Financial Corporation
Otkritie;
(iii) Sovcombank Open Joint Stock Company;
(iv) Public Joint Stock Company Sberbank of Russia;
(v) VTB Bank Public Joint Stock Company; or
(vi) Any entity in which one or more of the above entities own,
directly or indirectly, individually or in the aggregate, a 50 percent
or greater interest.
(2) Except as provided in paragraphs (d) and (e) of this general
license, all transactions prohibited by the RuHSR that are ordinarily
incident and necessary to dealings in debt or equity of Joint Stock
Company Alfa-Bank (``Alfa-Bank'') or any entity in which Alfa-Bank
owns, directly or indirectly, a 50 percent or greater interest, issued
prior to April 6, 2022 (``Alfa-Bank debt or equity'') are authorized
through 12:01 a.m. eastern daylight time, June 30, 2022, provided that
any divestment or transfer of, or facilitation of divestment or
transfer of, Alfa-Bank debt or equity must be to a non-U.S. person.
(3) Except as provided in paragraphs (d) and (e) of this general
license, all transactions prohibited by the RuHSR that are ordinarily
incident and necessary to dealings in debt or equity of Public Joint
Stock Company Alrosa (``Alrosa''), or any entity in which Alrosa owns,
directly or indirectly, a 50 percent or greater interest, issued prior
to April 7, 2022 (``Alrosa debt or equity'') are authorized through
12:01 a.m. eastern daylight time, July 1, 2022, provided that any
divestment or transfer of, or facilitation of divestment or transfer
of, Alrosa debt or equity must be to a non-U.S. person.
Note to paragraph (a). The transactions authorized in paragraph
(a) of this general license include facilitating, clearing, and
settling transactions to divest debt or equity of the persons
described in paragraph (a) of this general license (``covered debt
or equity'') to a non-U.S. person, including on behalf of U.S.
persons.
(b)(1) Except as provided in paragraph (e) of this general license,
all transactions prohibited by the RuHSR that are ordinarily incident
and necessary to facilitating, clearing, and settling trades are
authorized:
(i) for Russian financial institution debt or equity, through 12:01
a.m. eastern daylight time, May 25, 2022, provided such trades were
placed prior to 4:00 p.m. eastern standard time, February 24, 2022;
(ii) for Alfa-Bank debt or equity, through 12:01 a.m. eastern
daylight time, June 30, 2022, provided such trades were placed prior to
4:00 p.m. eastern daylight time, April 6, 2022; and
(iii) for Alrosa debt or equity, through 12:01 a.m. eastern
daylight time, July 1, 2022, provided such trades were placed prior to
4:00 p.m. eastern daylight time, April 7, 2022.
(2) Debits to accounts on the books of a U.S. financial institution
of the blocked persons described in paragraph (a) of this general
license are authorized to the extent ordinarily incident and necessary
to effect the transactions authorized in paragraph (b) of this general
license.
[[Page 55271]]
(c) Except as provided in paragraph (e) of this general license,
all transactions prohibited by Directive 4 under Executive Order (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, that
are ordinarily incident and necessary to the receipt of interest,
dividend, or maturity payments in connection with debt or equity 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 issued before March 1, 2022, are authorized through 12:01
a.m. eastern daylight time, May 25, 2022.
(d) Paragraph (a) of this general license does not authorize:
(1) U.S. persons to sell, or to facilitate the sale of, covered
debt or equity to, directly or indirectly, any person whose property
and interests in property are blocked; or
(2) U.S. persons to purchase or invest in, or to facilitate the
purchase of or investment by U.S. persons in, directly or indirectly,
covered debt or equity, other than purchases of or investments in
covered debt or equity that are ordinarily incident and necessary to
the divestment or transfer of covered debt or equity as described in
paragraph (a) of this general license.
(e) 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 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 RuHSR, including
transactions involving any person blocked pursuant to the RuHSR other
than the persons described in paragraph (a) of this general license,
unless separately authorized.
(f) Effective April 7, 2022, General License No. 9B, dated April 6,
2022, is replaced and superseded in its entirety by this General
License No. 9C.
Bradley T. Smith,
Deputy Director, Office of Foreign Assets Control.
Dated: April 7, 2022.
OFFICE OF FOREIGN ASSETS CONTROL
Executive Order 14024 of April 15, 2021
Blocking Property With Respect to Specified Harmful Foreign Activities
of the Government of the Russian Federation
GENERAL LICENSE NO. 10
Authorizing Certain Transactions Related to Derivative Contracts
(a)(1) 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 the wind down of derivative
contracts entered into prior to 4:00 p.m. eastern standard time,
February 24, 2022, that (i) include one of the following entities
(together, the ``Covered Entities'') as a counterparty or (ii) are
linked to debt or equity of a Covered Entity are authorized through
12:01 a.m. eastern daylight time, May 25, 2022, provided that any
payments to a blocked person are made into a blocked account:
(i) State Corporation Bank for Development and Foreign Economic
Affairs Vnesheconombank;
(ii) Public Joint Stock Company Bank Financial Corporation
Otkritie;
(iii) Sovcombank Open Joint Stock Company;
(iv) Public Joint Stock Company Sberbank of Russia;
(v) VTB Bank Public Joint Stock Company; or
(vi) Any entity in which one or more of the above entities own,
directly or indirectly, individually or in the aggregate, a 50 percent
or greater interest.
(2) Debits to accounts on the books of a U.S. financial institution
of the blocked entities described in paragraph (a)(1) of this general
license are authorized to the extent ordinarily incident and necessary
to effect the transactions authorized in paragraph (a)(1) of this
general license.
(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; or
(3) Any transactions involving any person blocked pursuant to E.O.
14024 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: February 24, 2022.
OFFICE OF FOREIGN ASSETS CONTROL
Russian Harmful Foreign Activities Sanctions Regulations
31 CFR Part 587
GENERAL LICENSE NO. 10A
Authorizing Certain Transactions Related to Derivative Contracts
(a)(1) Except as provided in paragraph (c) of this general license,
all transactions prohibited by the Russian Harmful Foreign Activities
Sanctions Regulations, 31 CFR part 587 (RuHSR), that are ordinarily
incident and necessary to the wind down of derivative contracts entered
into prior to 4:00 p.m. eastern standard time, February 24, 2022, that
(i) include one of the following entities (together, the ``Covered
Entities'') as a counterparty or (ii) are linked to debt or equity of a
Covered Entity are authorized through 12:01 a.m. eastern daylight time,
May 25, 2022, provided that any payments to a blocked person are made
into a blocked account:
(i) State Corporation Bank for Development and Foreign Economic
Affairs Vnesheconombank;
(ii) Public Joint Stock Company Bank Financial Corporation
Otkritie;
(iii) Sovcombank Open Joint Stock Company;
(iv) Public Joint Stock Company Sberbank of Russia;
(v) VTB Bank Public Joint Stock Company; or
(vi) Any entity in which one or more of the above entities own,
directly or indirectly, individually or in the aggregate, a 50 percent
or greater interest.
(2) Debits to accounts on the books of a U.S. financial institution
of the blocked entities described in paragraph (a)(1) of this general
license are authorized to the extent ordinarily incident and necessary
to effect the transactions authorized in paragraph (a)(1) of this
general license.
(b) Except as provided in paragraph (c) of this general license,
all transactions prohibited by Directive 4 under Executive Order (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
[[Page 55272]]
Russian Federation, that are ordinarily incident and necessary to the
wind down of derivative contracts, repurchase agreements, or reverse
repurchase agreements entered into prior to 12:01 a.m. eastern standard
time, March 1, 2022, that include the Central Bank of the Russian
Federation, the National Wealth Fund of the Russian Federation, or the
Ministry of Finance of the Russian Federation (collectively,
``Directive 4 entities'') as a counterparty are authorized through
12:01 a.m. eastern daylight time, May 25, 2022.
(c) 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 debit to an account on the books of a U.S. financial
institution of the Directive 4 entities; or
(3) Any transactions otherwise prohibited by the RuHSR, including
transactions involving any person blocked pursuant to the RuHSR other
than the persons described in paragraph (a) of this general license,
unless separately authorized.
(d) Effective March 2, 2022, General License No. 10, dated February
24, 2022, is replaced and superseded in its entirety by this General
License No. 10A.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.
Dated: March 2, 2022.
OFFICE OF FOREIGN ASSETS CONTROL
Russian Harmful Foreign Activities Sanctions Regulations
31 CFR Part 587
GENERAL LICENSE NO. 10B
Authorizing Certain Transactions Related to Derivative Contracts
(a)(1) Except as provided in paragraph (c) of this general license,
all transactions prohibited by the Russian Harmful Foreign Activities
Sanctions Regulations, 31 CFR part 587 (RuHSR), that are ordinarily
incident and necessary to the wind down of derivative contracts entered
into prior to 4:00 p.m. eastern standard time, February 24, 2022, that
(i) include one of the following entities (together, the ``Tranche 1
entities'') as a counterparty or (ii) are linked to debt or equity of a
Tranche 1 entity are authorized through 12:01 a.m. eastern daylight
time, May 25, 2022, provided that any payments to a blocked person are
made into a blocked account:
(i) State Corporation Bank for Development and Foreign Economic
Affairs Vnesheconombank;
(ii) Public Joint Stock Company Bank Financial Corporation
Otkritie;
(iii) Sovcombank Open Joint Stock Company;
(iv) Public Joint Stock Company Sberbank of Russia;
(v) VTB Bank Public Joint Stock Company; or
(vi) Any entity in which one or more of the above entities own,
directly or indirectly, individually or in the aggregate, a 50 percent
or greater interest.
(2) Except as provided in paragraph (c) of this general license,
all transactions prohibited by the RuHSR that are ordinarily incident
and necessary to the wind down of derivative contracts entered into
prior to 4:00 p.m. eastern daylight time, April 6, 2022, that (i)
include Joint Stock Company Alfa-Bank (``Alfa-Bank'') or any entity in
which Alfa-Bank owns, directly or indirectly, a 50 percent or greater
interest (collectively, ``Alfa-Bank entities'') as a counterparty or
(ii) are linked to debt or equity of an Alfa-Bank entity are authorized
through 12:01 a.m. eastern daylight time, June 30, 2022, provided that
any payments to a blocked person are made into a blocked account.
(3) Debits to accounts on the books of a U.S. financial institution
of the blocked entities described in paragraphs (a)(1) and (2) of this
general license are authorized to the extent ordinarily incident and
necessary to effect the transactions authorized in paragraphs (a)(1)
and (2) of this general license.
(b) Except as provided in paragraph (c) of this general license,
all transactions prohibited by Directive 4 under Executive Order (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, that
are ordinarily incident and necessary to the wind down of derivative
contracts, repurchase agreements, or reverse repurchase agreements
entered into prior to 12:01 a.m. eastern standard time, March 1, 2022,
that include the Central Bank of the Russian Federation, the National
Wealth Fund of the Russian Federation, or the Ministry of Finance of
the Russian Federation (collectively, ``Directive 4 entities'') as a
counterparty are authorized through 12:01 a.m. eastern daylight time,
May 25, 2022.
(c) 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 debit to an account on the books of a U.S. financial
institution of the Directive 4 entities; or
(3) Any transactions otherwise prohibited by the RuHSR, including
transactions involving any person blocked pursuant to the RuHSR other
than the persons described in paragraph (a) of this general license,
unless separately authorized.
(d) Effective April 6, 2022, General License No. 10A, dated March
2, 2022, is replaced and superseded in its entirety by this General
License No. 10B.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.
Dated: April 6, 2022.
OFFICE OF FOREIGN ASSETS CONTROL
Russian Harmful Foreign Activities Sanctions Regulations
31 CFR Part 587
GENERAL LICENSE NO. 10C
Authorizing Certain Transactions Related to Derivative Contracts
(a)(1) Except as provided in paragraph (c) of this general license,
all transactions prohibited by the Russian Harmful Foreign Activities
Sanctions Regulations, 31 CFR part 587 (RuHSR), that are ordinarily
incident and necessary to the wind down of derivative contracts entered
into prior to 4:00 p.m. eastern standard time, February 24, 2022, that
(i) include one of the following entities (collectively, the ``Russian
financial institution entities'') as a counterparty or (ii) are linked
to debt or equity of a Russian financial institution entity are
authorized through 12:01 a.m. eastern daylight time, May 25, 2022,
provided that any payments to a blocked person are made into a blocked
account:
(i) State Corporation Bank for Development and Foreign Economic
Affairs Vnesheconombank;
(ii) Public Joint Stock Company Bank Financial Corporation
Otkritie;
(iii) Sovcombank Open Joint Stock Company;
[[Page 55273]]
(iv) Public Joint Stock Company Sberbank of Russia;
(v) VTB Bank Public Joint Stock Company; or
(vi) Any entity in which one or more of the above entities own,
directly or indirectly, individually or in the aggregate, a 50 percent
or greater interest.
(2) Except as provided in paragraph (c) of this general license,
all transactions prohibited by the RuHSR that are ordinarily incident
and necessary to the wind down of derivative contracts entered into
prior to 4:00 p.m. eastern daylight time, April 6, 2022, that (i)
include Joint Stock Company Alfa-Bank (``Alfa-Bank'') or any entity in
which Alfa-Bank owns, directly or indirectly, a 50 percent or greater
interest (collectively, ``Alfa-Bank entities'') as a counterparty or
(ii) are linked to debt or equity of an Alfa-Bank entity are authorized
through 12:01 a.m. eastern daylight time, June 30, 2022, provided that
any payments to a blocked person are made into a blocked account.
(3) Except as provided in paragraph (c) of this general license,
all transactions prohibited by the RuHSR that are ordinarily incident
and necessary to the wind down of derivative contracts entered into
prior to 4:00 p.m. eastern daylight time, April 7, 2022, that (i)
include Public Joint Stock Company Alrosa (``Alrosa''), or any entity
in which Alrosa owns, directly or indirectly, a 50 percent or greater
interest (collectively, ``Alrosa entities'') as a counterparty or (ii)
are linked to debt or equity of an Alrosa entity are authorized through
12:01 a.m. eastern daylight time, July 1, 2022, provided that any
payments to a blocked person are made into a blocked account.
(4) Debits to accounts on the books of a U.S. financial institution
of the blocked entities described in paragraph (a) of this general
license are authorized to the extent ordinarily incident and necessary
to effect the transactions authorized in paragraph (a) of this general
license.
(b) Except as provided in paragraph (c) of this general license,
all transactions prohibited by Directive 4 under Executive Order (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, that
are ordinarily incident and necessary to the wind down of derivative
contracts, repurchase agreements, or reverse repurchase agreements
entered into prior to 12:01 a.m. eastern standard time, March 1, 2022,
that include the Central Bank of the Russian Federation, the National
Wealth Fund of the Russian Federation, or the Ministry of Finance of
the Russian Federation (collectively, ``Directive 4 entities'') as a
counterparty are authorized through 12:01 a.m. eastern daylight time,
May 25, 2022.
(c) 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 debit to an account on the books of a U.S. financial
institution of the Directive 4 entities; or
(3) Any transactions otherwise prohibited by the RuHSR, including
transactions involving any person blocked pursuant to the RuHSR other
than the persons described in paragraph (a) of this general license,
unless separately authorized.
(d) Effective April 7, 2022, General License No. 10B, dated April
6, 2022, is replaced and superseded in its entirety by this General
License No. 10C.
Bradley T. Smith,
Deputy Director, Office of Foreign Assets Control.
Dated: April 7, 2022.
OFFICE OF FOREIGN ASSETS CONTROL
Executive Order 14024 of April 15, 2021
Blocking Property With Respect to Specified Harmful Foreign Activities
of the Government of the Russian Federation
GENERAL LICENSE NO. 11
Authorizing the Wind Down of Transactions Involving Certain Blocked
Persons
(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 the wind down of transactions
involving one or more of the following blocked persons are authorized
through 12:01 a.m. eastern daylight time, March 26, 2022:
(1) Public Joint Stock Company Bank Financial Corporation Otkritie;
(2) Sovcombank Open Joint Stock Company;
(3) VTB Bank Public Joint Stock Company; or
(4) Any entity in which one or more of the above persons own,
directly or indirectly, individually or in the aggregate, a 50 percent
or greater interest.
(b) This general license does not authorize any transactions
involving any person blocked pursuant to E.O. 14024 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: February 24, 2022.
OFFICE OF FOREIGN ASSETS CONTROL
Executive Order 14024 of April 15, 2021
Blocking Property With Respect to Specified Harmful Foreign Activities
of the Government of the Russian Federation
GENERAL LICENSE NO. 12
Authorizing U.S. Persons To Reject Certain Transactions
(a) Except as provided in paragraph (b) of this general license,
U.S. persons are authorized to reject all transactions prohibited by
Executive Order (E.O.) 14024 involving one or more of the following
blocked persons that are not authorized, through 12:01 a.m. eastern
daylight time, March 26, 2022:
(1) Public Joint Stock Company Bank Financial Corporation Otkritie;
(2) Sovcombank Open Joint Stock Company;
(3) VTB Bank Public Joint Stock Company; or
(4) Any entity in which one or more of the above persons own,
directly or indirectly, individually or in the aggregate, a 50 percent
or greater interest.
(b) This general license does not authorize a U.S. person to reject
any transaction involving any person blocked pursuant to E.O. 14024
other than the blocked persons described in paragraph (a) of this
general license, unless those transactions are separately authorized.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.
Dated: February 24, 2022.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.
[FR Doc. 2022-19512 Filed 9-8-22; 8:45 am]
BILLING CODE 4810-AL-P
</pre></body>
</html>Indexed from Federal Register on September 9, 2022.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.