Russia-related General License 58 - Authorizing the Wind Down and Rejection of Transactions Involving Public Joint Stock Company Rosbank (December 15, 2022)

Date issued: Dec. 15 2022

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TURBOFAC Commentary (137 words)

Notes:

1) Read in conjunction with FAQ # 1103, issued concurrently with this GL. This is standard "wind down" GL, as issued in the Russian financial institution context, except in that (i) it includes the reject authorization at paragraph (b) for transactions not otherwise authorized by this or any other GL (refer to FAQ # 1103) and (ii) it licenses against Directive 4 Under EO 14024. Up through this GL, OFAC had been carving "Any transactions prohibited by Directive 4 under E.O. 14024" out of standard wind down GLs.

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...