OFAC issues temporary extension of Ukraine-related General Licenses

Financial Crimes OFAC Ukraine Sanctions Department of Treasury

On December 20, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced the issuance of Ukraine-related General Licenses (GL) 13I and 15D, which extend the expiration date of previous Ukrainian-based general licenses to March 7, 2019 for wind-down transactions for certain companies that otherwise would be prohibited by Ukraine-Related Sanctions Regulations.

GL 13I supersedes GL 13H and authorizes, among other things, activities and transactions “ordinarily incident and necessary” for (i) the divestiture of the holdings of specified blocked persons to a non-U.S. person; and (ii) the facilitation of transfers of debt, equity, or other holdings involving specified blocked persons to a non-U.S. person. GL 15D, which supersedes GL 15C, relates to permissible activities with the designated company and its subsidiaries, and applies to the maintenance and wind-down of operations, contracts, and agreements that were effective prior to April 6.

Visit here for additional InfoBytes coverage on Ukraine sanctions.