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§515.562 Official business of the U.S. government, foreign governments, and certain intergovernmental organizations.
(a) The travel-related transactions set forth in §515.560(c) and such additional transactions as are directly incident to activities in their official capacities by persons who are employees, contractors, or grantees of the United States Government, any foreign government, or any intergovernmental organization of which the United States is a member or holds observer status, and who are traveling on the official business of their government or intergovernmental organization, are authorized.
(b) All transactions otherwise prohibited by this part that are for the conduct of the official business of the United States Government or of any intergovernmental organization of which the United States is a member, or holds observer status, by employees, grantees, or contractors thereof, are authorized.
Note to §515.562(a) and (b): Each person relying on the general authorization in this paragraph must retain specific...
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1) Refer to 515.584(e), which authorizes the unblocking and return of funds transfers that could have been processed pursuant to 515.562(b).
2) On its face, 515.562(b) is extremely broad. It appears to authorize any type of travel-related transaction, even if it is one that is completely outside the scope of 515.560 (e.g. because the travelers are not "persons subject to U.S. jurisdiction").
It could also be interpreted as authorizing transactions otherwise prohibited by 515.208, which is the prohibition on making loans or extending credit in connection with "transactions involving confiscated property." As noted in the comments to 515.208, the prohibition at 515.208 derives from a statutory provision that applies "[n]otwithstanding any other provision of law," implying that OFAC could not license such dealings even if it wanted to, but 515.562(b) does apply on its face to...