Rule2023-16731
Publication of Russian Harmful Foreign Activities Sanctions Regulations Web General Licenses 70 and 71.
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
August 7, 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 Russian Harmful Foreign Activities Sanctions Regulations: GLs 70 and 71, each of which was previously made available on OFAC's website.
Full Text
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<title>Federal Register, Volume 88 Issue 150 (Monday, August 7, 2023)</title>
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[Federal Register Volume 88, Number 150 (Monday, August 7, 2023)]
[Rules and Regulations]
[Page 52038]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-16731]
[[Page 52038]]
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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 70 and 71.
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 Russian Harmful Foreign Activities Sanctions Regulations: GLs 70
and 71, each of which was previously made available on OFAC's website.
DATES: GLs 70 and 71 were issued on July 20, 2023. 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 Compliance, 202-622-2490.
SUPPLEMENTARY INFORMATION:
Electronic Availability
This document and additional information concerning OFAC are
available on OFAC's website: <a href="https://ofac.treasury.gov/">https://ofac.treasury.gov/</a>.
Background
On July 20, 2023, OFAC issued GLs 70 and 71 to authorize certain
transactions otherwise prohibited by the Russian Harmful Foreign
Activities Sanctions Regulations, 31 CFR part 587. GLs 70 and 71 each
have an expiration date of October 18, 2023. Each GL was made available
on OFAC's website (<a href="https://ofac.treasury.gov/">https://ofac.treasury.gov/</a>) at the time of
publication. 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. 70
Authorizing the Wind Down of Transactions Involving Joint Stock Company
Ural Mining and Metallurgical Company
(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 any
transaction involving Joint Stock Company Ural Mining and
Metallurgical Company (UMMC), or any entity in which UMMC owns,
directly or indirectly, a 50 percent or greater interest
(collectively, the ``UMMC Entities''), are authorized through 12:01
a.m. eastern daylight time, October 18, 2023, provided that any
payment to a UMMC Entity must be made into a blocked account in
accordance with the Russian Harmful Foreign Activities Sanctions
Regulations, 31 CFR part 587 (RuHSR).
(b) 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 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,
as amended; or
(3) Any transactions otherwise prohibited by the RuHSR,
including transactions involving any person blocked pursuant to the
RuHSR other than the UMMC Entities, unless separately authorized.
Bradley T. Smith,
Deputy Director, Office of Foreign Assets Control.
Dated: July 20, 2023.
OFFICE OF FOREIGN ASSETS CONTROL
Russian Harmful Foreign Activities Sanctions Regulations
31 CFR Part 587
GENERAL LICENSE NO. 71
Authorizing the Wind Down and Rejection of Transactions Involving
Certain Entities Blocked on July 20, 2023
(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 one or more of the following blocked persons
(collectively, the ``Blocked Entities'') are authorized through
12:01 a.m. eastern daylight time, October 18, 2023, provided that
any payment to a Blocked Entity is made into a blocked account in
accordance with the Russian Harmful Foreign Activities Sanctions
Regulations, 31 CFR part 587 (RuHSR):
(1) Joint Stock Company Petersburg Social Commercial Bank;
(2) Joint Stock Company Locko Bank;
(3) Unistream Commercial Bank JSC;
(4) Joint Stock Company Commercial Bank Solidarnost;
(5) JSC Tinkoff Bank; or
(6) 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) Except as provided in paragraph (c) of this general license,
U.S. persons are authorized to reject, rather than block, and return
to the originator or originating financial institution or their
successor-in-interest, all transactions prohibited by E.O. 14024
that are ordinarily incident and necessary to the processing of
funds involving one or more of the Blocked Entities as an
originating, intermediary, or beneficiary financial institution,
through 12:01 a.m. eastern daylight time, October 18, 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 Entities described in paragraph (a) of
this general license, unless separately authorized.
Bradley T. Smith,
Deputy Director, Office of Foreign Assets Control.
Dated: July 20, 2023.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.
[FR Doc. 2023-16731 Filed 8-4-23; 8:45 am]
BILLING CODE 4810-AL-P
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