The U.S. Treasury Department Office of Foreign Assets Control ("OFAC") issued General License 13C under the Ukraine-Related Sanctions Regulations.
The new General License 13C replaces and supersedes General License 13B in its entirety, and extends the period of validity of the General License through 12:01 a.m., EDT, on October 23, 2018. Like its predecessor, General License 13C continues to permit certain transactions necessary to divest or transfer debt, equity or other holdings of three identified companies: (i) EN+ Group PLC, (ii) GAZ Group and (iii) United Company RUSAL PLC (including, in some circumstances, entities in which the three own a 50 percent or greater interest). U.S. persons participating in transactions authorized by General License 13C are required, within 10 business days after its expiration, to file a detailed report with OFAC.
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