Law Firm: Be Aware of Looming Expiration of Russia-Related Licenses
A client alert this month from law firm Bracewell includes a table of Russian energy-related general licenses recently issued by the U.S., the U.K. and the EU, what they authorize and their expiration dates. The licenses cover certain transactions in light of sanctions against major Russian energy firms Rosneft, Lukoil, their subsidiaries, and other Russia-related transactions (see 2510290011, 2510220012 and 2510230014).
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Although general licenses can provide a "variety of relief pathways," it's "critical to understand that they are not blanket permission slips or 'grandfather' clauses, and that they are "time-limited," the firm said. "Now that key deadlines are approaching, organizations must ensure they have adapted to the new sanctions landscape."