Directive 1 Under Executive Order 14038 (Belarus)

Date issued: Dec. 02 2021

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TURBOFAC Commentary (850 words)

Notes:

[3-27-23 update: OFAC has implemented this prohibition at 548.202 of the reissued BeSR. The term "greater than 90 days" was replaced with "longer than 90 days"].

1) BACKGROUND; RELATIONSHIP TO SIMILAR AUTHORITIES

Directive 1 Under Executive Order 14038 is unique to the Belarus program, but substantively it is a hybrid of the Russian Sovereign-related Lending Directives and other prohibitions that attach to dealings in “new debt” issued by sanctions targets (including those found at SSI Directive 1, SSI Directive 2, SSI Directive 3 and Venezuela-related EO 13808.

Directive 1 Under EO 14038 is similar to the Russian Sovereign-related Lending Directives in that it applies to dealings related to a subset of financial instruments with a connection...