OFAC issues Ukraine general license and Russian FAQ

Financial Crimes Department of Treasury OFAC Of Interest to Non-US Persons Ukraine Ukraine Invasion

On March 18, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued General License (GL) 24, Blocking Property of Certain Persons and Prohibiting Certain Transactions With Respect to Continued Russian Efforts To Undermine the Sovereignty and Territorial Integrity of Ukraine, which authorizes certain transactions related to the provision of maritime services, provided such services are performed outside the covered regions and services are not performed on behalf of any entity located in, or organized under the laws of, the covered regions. The GL does not authorize “[a]ny new investment in the Covered Regions prohibited by E.O. 14065, unless separately authorized,” or “[a]ny transactions involving any person blocked pursuant to E.O. 14065, unless separately authorized.” OFAC also amended one Frequently Asked Question clarifying that Executive Order 14066 does not prohibit dealing in Kazakh-origin crude oil of the Caspian Pipeline Consortium.

Find continuing InfoBytes coverage on the U.S. sanctions response to Russia’s invasion of Ukraine here.