Rule2023-00348
Publication of Global Magnitsky Sanctions Regulations Web General Licenses 3 and 4
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
January 17, 2023
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 pursuant to the Global Magnitsky Sanctions Regulations: GLs 3 and 4, each of which was previously made available on OFAC's website.
Full Text
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<title>Federal Register, Volume 88 Issue 10 (Tuesday, January 17, 2023)</title>
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[Federal Register Volume 88, Number 10 (Tuesday, January 17, 2023)]
[Rules and Regulations]
[Pages 2522-2523]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-00348]
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DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 583
Publication of Global Magnitsky Sanctions Regulations Web General
Licenses 3 and 4
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 pursuant
to the Global Magnitsky Sanctions Regulations: GLs 3 and 4, each of
which was previously made available on OFAC's website.
DATES: GLs 3 and 4 were issued on December 9, 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 December 9, 2022, OFAC issued GLs 3 and 4 to authorize certain
transactions otherwise prohibited by the Global Magnitsky Sanctions
Regulations, 31 CFR part 583. Each GL was made available on OFAC's
website (<a href="http://www.treas.gov/ofac">www.treas.gov/ofac</a>) when it was issued. Both GLs have an
expiration date of March 9, 2023. The text of these GLs is provided
below.
OFFICE OF FOREIGN ASSETS CONTROL
Global Magnitsky Sanctions Regulations
31 CFR Part 583
GENERAL LICENSE NO. 3
Authorizing Transactions Related to Debt or Equity of Pingtan Marine
Enterprise Ltd.
(a) Except as provided in paragraphs (d) and (e) of this general
license, all transactions prohibited by the Global Magnitsky Sanctions
Regulations, 31 CFR part 583 (GMSR), that are ordinarily incident and
necessary to the divestment or transfer, or facilitation of the
divestment or transfer, of debt or equity of Pingtan Marine Enterprise
Ltd. (PME) to a non-U.S. person are authorized through 12:01 a.m.
eastern standard time, March 9, 2023.
(b) Except as provided in paragraph (e) of this general license,
all transactions prohibited by the GMSR that are ordinarily incident
and necessary to facilitating, clearing, and settling trades of debt or
equity of PME that were placed prior to 4:00 p.m. eastern standard
time, December 9, 2022, are authorized through 12:01 a.m. eastern
standard time, March 9, 2023.
(c) Except as provided in paragraph (e) of this general license,
all transactions prohibited by the GMSR that are ordinarily incident
and necessary to the wind down of financial contracts or other
agreements linked to the debt or equity of PME and entered into prior
to 4:00 p.m. eastern standard time, December 9, 2022 are authorized
through 12:01 a.m. eastern standard time, March 9, 2023, provided that
any payments to a blocked person are made into a blocked account in
accordance with the GMSR.
Note to paragraph (c). The wind down of financial contracts or
other agreements linked to the debt or equity of PME includes the
delisting of PME from a U.S. securities exchange.
(d) Paragraph (a) of this general license does not authorize:
(1) U.S. persons to sell, or to facilitate the sale of debt or
equity of PME 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 in, directly or indirectly, debt or equity of
PME, other than purchases of or investments in debt or equity of PME
that are ordinarily incident and necessary to the divestment or
transfer of debt or equity of PME as described in paragraph (a) of this
general license.
[[Page 2523]]
(e) This general license does not authorize any transactions
otherwise prohibited by the GMSR, including transactions involving any
person blocked pursuant to the GMSR other than PME, unless separately
authorized.
Andrea M. Gacki,
Director,
Office of Foreign Assets Control.
Dated: December 9, 2022.
OFFICE OF FOREIGN ASSETS CONTROL
Global Magnitsky Sanctions Regulations
31 CFR Part 583
GENERAL LICENSE NO. 4
Authorizing the Wind Down of Transactions Involving Certain Vessels
(a) Except as provided in paragraph (b) of this general license,
all transactions ordinarily incident and necessary to the wind down of
any transaction involving any vessel in which any of the following
blocked entities have an interest that are prohibited by the Global
Magnitsky Sanctions Regulations, 31 CFR part 583 (GMSR), are authorized
through 12:01 a.m. eastern standard time, March 9, 2023, provided that
any payment to a blocked person must be made into a blocked account in
accordance with the GMSR:
(1) Dalian Ocean Fishing Co., Ltd.;
(2) Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd.;
(3) Fuzhou Honglong Ocean Fishing Co., Ltd.;
(4) Pingtan Marine Enterprise Ltd.; or
(5) 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.
(b) This general license does not authorize:
(1) The entry into any new commercial contracts involving the
entities or vessels described in paragraph (a) of this general license,
except as authorized by paragraph (a); or
(2) Any transactions otherwise prohibited by the GMSR, including
transactions involving any person blocked pursuant to the GMSR other
than the blocked entities described in paragraph (a) of this general
license, unless separately authorized.
Andrea M. Gacki,
Director,
Office of Foreign Assets Control,
Dated: December 9, 2022.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.
[FR Doc. 2023-00348 Filed 1-13-23; 8:45 am]
BILLING CODE 4810-AL-P
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</html>Indexed from Federal Register on January 17, 2023.
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