Ukraine General License Number 7 - Operation of Accounts Authorized

Date issued: Jan. 30 2015

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TURBOFAC Commentary (887 words)

Notes:

[*Update: on 5-2-22, this GL was implemented into the URSR at 589.515, with no substantive changes vis-à-vis the web-only GL. The below has not been amended to reflect that fact].

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1) Read in conjunction with Ukraine GL 6, which permits U.S. banks to process remittances for non-blocked persons ordinarily resident in Crimea provided that they are "noncommercial, personal remittances do not include charitable donations of funds to or for the benefit of an entity or funds transfers for use in supporting or operating a business, including a family-owned business."

2.1) It is not the case that all residents of Crimea are blocked, but the reason why the conduct authorized by General License 7 would be prohibited to begin with is...