Treasury Extends Time for "Wind-Down" Transactions with Sanctioned Russian Entity

OFAC issued General License 13R and General License 15L under the Ukraine Related Sanctions Regulations, 31 CFR Part 589, which extend to May 25, 2022 certain wind-down transactions involving GAZ Group.

General License 13R (replacing and superseding General License No. 13Q) authorizes certain wind-down transactions necessary to divest or transfer debt, equity or other holdings in GAZ Group. General License 15L (replacing and superseding General License No. 15k) authorizes certain wind-down transactions and activities "that are ordinarily incident and necessary to the wind down of transactions involving GAZ Group or any entity in which GAZ group owns, directly or indirectly, a 50 percent or greater interest[.]"

OFAC updated its FAQs pertaining to these general licenses.