OFAC issues Ukraine general license and Russian FAQ

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

On March 24, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced three Russia-related General Licenses (GL). GL 6A authorizes transactions related to the exportation or reexportation of agricultural commodities, medicine, medical devices, replacement parts and components, or software updates, research activities related to the Covid-19 pandemic, or clinical trial activities. GL 17A authorizes the import of existing purchases of prohibited products that are under pre-existing contract by Executive Order (E.O.) 14068. And GL 20 authorizes third-country diplomatic and consular funds transfers. The same day, OFAC issued Ukraine/Russia-related GL 25, which authorizes news reporting organizations to engage in certain transactions related to their work in the Crimea, Donetsk People’s Republic, and Luhansk People’s Republic regions of Ukraine. OFAC also announced that it updated two frequently asked questions regarding E.O. 14068, which prohibits the importation into the United States of fish, seafood, and preparations thereof; alcoholic beverages; and non-industrial diamonds of Russian Federation origin.

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