Russia-related General License 50 - Authorizing the Closing of Individual Accounts at Financial Institutions Blocked Pursuant to Executive Order 14024 (August 19, 2022)

Date issued: Aug. 19 2022

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TURBOFAC Commentary (102 words)

Notes:

1) This GL is unique to the RuHSR, (but compare 560.517, allowing Iranians with accounts in the U.S. to close their accounts effect a “lump sum transfer”).

2) Note that the GL is limited to accounts of “individuals,” which is a term OFAC uses to refer to natural persons other than “entities”.

3) Query: does the GL authorize Russian individuals with dollar-based accounts held at a blocked bank to transfer their funds to a dollar-based account at a different Russian financial institution? It appears that the answer is yes.

4) See related FAQs at FAQ # 1080 and FAQ # 1081.