Case No. UKRAINE-EO13662-2014-314571-1

Date issued: Oct. 15 2018

Last substantive commentary amendment:
Sep. 09 2023

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TURBOFAC Commentary (908 words)

Notes:

1) Background

The ownership situation of Belgazprombank is and has been relatively stable for the decade leading up to the issuance of this guidance letter. As publicly reported by Belgazprombank, and not consistent with the letter, Belgazprombank was, from 10-10-14 through 7-19-2018, owned 49.66% by OAO Gazprom (Directive 4), 0.49% Gazprom Transgaz Belarus (Directive 4 through 100% ownership by OAO Gazprom), and 49.66% by Gazprombank (Directive 1). See pp 4, 5 and 8, PDF. At some point between the last communication to OFAC by Belgazprombank and 4-21-19, the ownerships of OAO Gazprom (Directive 4) and Gazprombank (Directive 1) increased to 49.82%, and the ownership of Gazprom Transgaz Belarus (Directive 4 through 100% ownership by OAO Gazprom) fell to 0.26%.

2) 50% Rule in the SSI Context: No Aggregation Across Directives

In FAQ # 373, cited in the guidance letter, the...