Russia-related General License 38A - Authorizing Transactions Related to Pension Payments (August 19, 2022) [PDF includes all versions]

Date issued: Aug. 19 2022

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TURBOFAC Commentary (168 words)

Notes:

1) This GL is unique to the Russian Harmful Foreign Activities Sanctions Regulations program. It was evidently designed to allow U.S. persons/citizens in Russia to receive pension payments through blocked banks. Query, is the maintenance of an account at a blocked bank authorized as ordinarily incident to this GL, provided that it is only used to receive the pension payments?

2) Note that this is one of the rare EO 14024-specific GLs that licenses against Directive 2, such that transactions involving Sberbank are authorized by the GL.

3) GL amended on 8-19-22 to add expand the authorization from "payments to U.S. persons" only, to U.S. persons "or...non-U.S. persons not located in the Russian Federation". It is assumed that the authorization to U.S. persons applies to U.S. persons, wherever located. With...