OFAC Renews 2 Russia Licenses for 6 Months
The Office of Foreign Assets Control this week renewed two Russia-related general licenses that authorize certain transactions related to crude oil originating from the Sakhalin-2 project and certain transactions with Russian entities related to civil nuclear energy.
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General License 55E, which replaces 55D, authorizes certain transactions with Sakhalin-2, an oil and gas development business based in Russia, as long as the Sakhalin-2 byproduct is solely for importation into Japan. Those transactions are authorized through 12:01 a.m. ET June 18. The license was scheduled to expire Dec. 19.
General License 115C, which replaces 115B, authorizes certain transactions for civil nuclear energy with Gazprombank and other financial institutions through 12:01 a.m. June 18. That license also was scheduled to expire Dec. 19.
In addition, OFAC updated several FAQs to reflect the renewals.