OFAC FAQ (Current) # 1103 - Russian Harmful Foreign Activities Sanctions

Date issued: Dec. 15 2022

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TURBOFAC Commentary (346 words)

Notes:

1) Compare FAQ # 975, which also addressed the scope of wind down GLs applicable to blocked financial institutions and on which this FAQ is modeled, and read in conjunction with Russia GL 58 and Russia GL 59.

2) Refer generally to Examples of Transactions Deemed to Be, and Not to Be, Within the Scope of the Standard “Wind-Down” and “Maintenance” GLs, for comments on the scope of the typical wind down GL containing language similar to Russia-related GL 58 and Russia-related GL 59.

3) The following sentence is extremely confusing:

Wind-down activities covered by GL 58 do not include the continued processing of funds transfers, securities trades, or other transactions that involve a Rosbank entity that were part of ongoing business activities prior to the imposition of sanctions, unless separately authorized (see,...