Ed. Note: if you’re new to TURBOFAC, please take note that the text string filtration function generally shouldn’t be used for terms such as “ordinarily resident,” “causing” or “new debt”. For research on the meaning of words and phrases such as those, i.e. terms central to the key legal issues in sanctions law that appear on a cross-programmatic basis, you’re typically better off locating and checking the appropriate box in the “Key Legal Issues” search category, which will limit the results to those that have been manually assessed as being relevant for the interpretation of the terms at issue.
Try typing your search term (“ordinarily resident,” “new debt,” or something else) in the “Find a Search Filter” box at the top of the page, and the corresponding “Key Legal Issues” check box will pop up instantly, if one exists. Once you check the box (e.g. “new debt,” with ~55 results), you can always use the text string filtration function to further refine your search (e.g. by typing “invoice” and narrowing the ~55 results to ~10).
Note in addition that the same applies to text string searches such as “14071” (if you’re looking for items related to EO 14071). By typing “14071” in the “Find a Search Filter” field up top, you will be able to instantly narrow the results down to items manually assessed as relating to EO 14071. Ditto terms such as “515.204” or “Iran General License G” (try the “Discrete Legal Provision” search category).
Please contact [email protected] or [email protected] with any questions on search results and efficiency.
Please click "Apply Text String Filters" again after clicking the "Close" button immediately below.
1) BACKGROUND
GL 46 is an extremely unusual license, unique to the RuHSR/EO 14071. As essential background, note that (i) trading in Russian sovereign debt (and derivatives thereof) is prohibited by EO 14071 (see comments to Russia-related General License 45), and that Russia has been determined to have defaulted on some of its sovereign debt, thereby triggering a "credit event" for the purposes of credit default swaps (CDSs) linked to certain Russian sovereign debt.
A sovereign default would normally result in a "credit event auction," where bonds related to the defaulting issuer would be traded in a closed auction to facilitate settlement of CDSs linked to the defaulted obligation. See https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr372.pdf. However, prior to the issuance of the license, EO 14071 made participation in such...