OFAC issues Russian general license

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

On April 12, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued Russia-related General License (GL) 26, “Authorizing the Wind Down of Transactions Involving Joint Stock Company SB Sberbank Kazakhstan or Sberbank Europe AG,” which authorizes all transactions ordinarily incident and necessary to the wind down of transactions involving Joint Stock Company SB Sberbank Kazakhstan or Sberbank Europe AG, or any entity that Sberbank subsidiaries owns, through July 12, provided certain criteria are met. The GL was issued in the wake of Russia’s Sberbank being placed on the SDN list, which prohibits all transactions with Sberbank by U.S. persons, on April 6.