OFAC Amends Two Ukraine-Related General Licenses
The Office of Foreign Assets Control on July 16 extended the expiration dates for two Ukraine-related general licenses that authorize certain transactions with U.S.-sanctioned GAZ Group. Both licenses were scheduled to expire July 22 and now expire Jan. 22, 2021. General License No. 13O, which replaces No. 13N, authorizes certain transactions necessary to divestments and debt transfers. General License No. 15I, which replaces No. 15H, authorizes certain transactions related to the “manufacture and sale of existing and new models of vehicles” -- including components, engines and commercial vehicles -- produced by GAZ Group.
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OFAC also amended the language in both licenses to specify which transactions the license covers. In addition, General License No. 15I now contains a section on information that GAZ Group is required to provide to OFAC, including audited financial statements and a certification that it is not acting for anyone on OFAC’s Specially Designated Nationals List, including Russian oligarch Oleg Deripaska (see 1903180035).