Ed. Note: if you’re new to TURBOFAC, please take note that the text string filtration function generally shouldn’t be used for terms such as “ordinarily resident,” “causing” or “new debt”. For research on the meaning of words and phrases such as those, i.e. terms central to the key legal issues in sanctions law that appear on a cross-programmatic basis, you’re typically better off locating and checking the appropriate box in the “Key Legal Issues” search category, which will limit the results to those that have been manually assessed as being relevant for the interpretation of the terms at issue.
Try typing your search term (“ordinarily resident,” “new debt,” or something else) in the “Find a Search Filter” box at the top of the page, and the corresponding “Key Legal Issues” check box will pop up instantly, if one exists. Once you check the box (e.g. “new debt,” with ~55 results), you can always use the text string filtration function to further refine your search (e.g. by typing “invoice” and narrowing the ~55 results to ~10).
Note in addition that the same applies to text string searches such as “14071” (if you’re looking for items related to EO 14071). By typing “14071” in the “Find a Search Filter” field up top, you will be able to instantly narrow the results down to items manually assessed as relating to EO 14071. Ditto terms such as “515.204” or “Iran General License G” (try the “Discrete Legal Provision” search category).
Please contact [email protected] or [email protected] with any questions on search results and efficiency.
Please click "Apply Text String Filters" again after clicking the "Close" button immediately below.
1) OFAC's practice is to issue general licenses only for activities that it considers to be otherwise prohibited.* A typical derivative contract is fundamentally a side-bet on the value of an asset in which neither contracting party have any legal interest.
That Ukraine GL 1B exists implies that dealing in derivatives linked to prohibited debt and/or equity is prohibited on the face of the directives, i.e. that it would constitute a "dealing in" the prohibited debt to which the derivatives contract makes reference.
This is a rather expansive of interpretation the notion of "dealing in" debt and/or equity covered by the directives, presumably as an "indirect" dealing in the asset referenced by the derivative. Query whether, on the basis of the logic of FAQ 391, the directives prohibit a new derivatives contract...