Rule2023-05649
Publication of Russian Harmful Foreign Activities Sanctions Regulations Web General Licenses 8E, 58, and 59
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
March 21, 2023
Issuing agencies
Treasury DepartmentForeign Assets Control Office
Abstract
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing three general licenses (GLs) issued pursuant to the Russian Harmful Foreign Activities Sanctions Regulations: GLs 8E, 58, and 59, each of which was previously made available on OFAC's website.
Full Text
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<title>Federal Register, Volume 88 Issue 54 (Tuesday, March 21, 2023)</title>
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[Federal Register Volume 88, Number 54 (Tuesday, March 21, 2023)]
[Rules and Regulations]
[Pages 16887-16889]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-05649]
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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 8E, 58, and 59
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 three general licenses (GLs) issued
pursuant to the Russian Harmful Foreign Activities Sanctions
Regulations: GLs 8E, 58, and 59, each of which was previously made
available on OFAC's website.
DATES: GLs 8E, 58, and 59 were issued on December 15, 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 15, 2022, OFAC issued GLs 8E, 58, and 59 to authorize
certain transactions otherwise prohibited by the Russian Harmful
Foreign Activities Sanctions Regulations, 31 CFR part 587. Each GL was
made available on OFAC's
[[Page 16888]]
website (<a href="http://www.treas.gov/ofac">www.treas.gov/ofac</a>) when it was issued. GL 8E had an
expiration date of May 16, 2023, but was superseded by the issuance of
GL 8F on February 24, 2023. GLs 58 and 59 have an expiration date of
March 15, 2023. 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. 8E
Authorizing Transactions Related to Energy
(a) Except as provided in paragraph (c) of this general license,
all transactions prohibited by Executive Order (E.O.) 14024 involving
one or more of the following entities that are related to energy are
authorized, through 12:01 a.m. eastern daylight time, May 16, 2023:
(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;
(6) Joint Stock Company Alfa-Bank;
(7) Public Joint Stock Company Rosbank;
(8) 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; or
(9) the Central Bank of the Russian Federation.
(b) For the purposes of this general license, the term ``related to
energy'' means the extraction, production, refinement, liquefaction,
gasification, regasification, conversion, enrichment, fabrication,
transport, or purchase of petroleum, including crude oil, lease
condensates, unfinished oils, natural gas liquids, petroleum products,
natural gas, or other products capable of producing energy, such as
coal, wood, or agricultural products used to manufacture biofuels, or
uranium in any form, as well as the development, production,
generation, transmission, or exchange of power, through any means,
including nuclear, thermal, and renewable energy sources.
(c) This general license does not authorize:
(1) Any transactions prohibited by Directive 1A under E.O. 14024,
Prohibitions Related to Certain Sovereign Debt of the Russian
Federation;
(2) 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;
(3) Any debit to an account on the books of a U.S. financial
institution of the Central Bank of the Russian Federation; or
(4) 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.
(d) Effective December 15, 2022, General License No. 8D, dated
November 10, 2022, is replaced and superseded in its entirety by this
General License No. 8E.
Note to General License No. 8E. This authorization is valid
until May 16, 2023 unless renewed.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.
Dated: December 15, 2022.
OFFICE OF FOREIGN ASSETS CONTROL
Russian Harmful Foreign Activities Sanctions Regulations
31 CFR Part 587
GENERAL LICENSE NO. 58
Authorizing the Wind Down and Rejection of Transactions Involving
Public Joint Stock Company Rosbank
(a) Except as provided in paragraph (c) 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 Public Joint Stock Company Rosbank, or any entity in which
Public Joint Stock Company Rosbank owns, directly or indirectly, a 50
percent or greater interest (``Rosbank entities''), are authorized
through 12:01 a.m. eastern daylight time, March 15, 2023, provided that
any payment to a Rosbank entity is made into a blocked account in
accordance with the Russian Harmful Foreign Activities Sanctions
Regulations, 31 CFR part 587 (RuHSR).
(b) Except as provided in paragraph (c) of this general license,
U.S. persons are authorized to reject, rather than block, all
transactions prohibited by E.O. 14024 that are ordinarily incident and
necessary to the processing of funds involving one or more Rosbank
entities as an originating, intermediary, or beneficiary financial
institution, through 12:01 a.m. eastern daylight time, March 15, 2023.
(c) This general license does not authorize:
(1) Any transactions prohibited by 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 blocked persons described in paragraph (a) of this general
license, unless separately authorized.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.
Dated: December 15, 2022.
OFFICE OF FOREIGN ASSETS CONTROL
Russian Harmful Foreign Activities Sanctions Regulations
31 CFR Part 587
GENERAL LICENSE NO. 59
Authorizing Transactions Related to Debt or Equity of, or Derivative
Contracts Involving, Public Joint Stock Company Rosbank
(a) Except as provided in paragraphs (d) and (e) of this general
license, all transactions prohibited by Executive Order (E.O.) 14024
that are ordinarily incident and necessary to the divestment or
transfer, or the facilitation of the divestment or transfer, of debt or
equity of Public Joint Stock Company Rosbank (Rosbank), or any entity
in which Rosbank owns, directly or indirectly, a 50 percent or greater
interest (``covered debt or equity''), to a non-U.S. person are
authorized through 12:01 a.m. eastern daylight time, March 15, 2023.
(b) Except as provided in paragraph (e) 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 that were placed prior to 4:00 p.m. eastern standard
time, December 15,
[[Page 16889]]
2022, are authorized through 12:01 a.m. eastern daylight time, March
15, 2023.
(c) Except as provided in paragraph (e) of this general license,
all transactions prohibited by 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, December 15, 2022, that (i)
include a blocked person described in paragraph (a) of this general
license as a counterparty or (ii) are linked to covered debt or equity
are authorized through 12:01 a.m. eastern daylight time, March 15,
2023, provided that any payments to a blocked person are made into a
blocked account in accordance with the Russian Harmful Foreign
Activities Sanctions Regulations, 31 CFR part 587 (RuHSR).
(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 in, directly or indirectly, covered debt or
equity, other than purchases of or investments in covered debt or
equity 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) Any transactions prohibited by 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 blocked persons described in paragraph (a) of this general
license, unless separately authorized.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.
Dated: December 15, 2022.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.
[FR Doc. 2023-05649 Filed 3-20-23; 8:45 am]
BILLING CODE 4810-AL-P
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</html>Indexed from Federal Register on March 21, 2023.
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