OFAC Expands Sanctions on Russian Diamond Company, Shipbuilder; Issues GLs
The Office of Foreign Assets Control issued additional sanctions on major Russian state-owned enterprises and five additional general licenses related to Russia. OFAC expanded sanctions against Alrosa, the world's largest diamond mining company, along with United Shipbuilding Corporation, which is responsible for the construction of almost all of Russia’s warships, OFAC said April 7. Alrosa was previously designated in February (see 2202240069).
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OFAC also updated three existing general licenses (see 2204060051) and issued two new licenses. Updated licenses 9C and 10C, which replace Licenses 9B and 10B, allow certain dealings with several Russian banks involving debt, equity and derivatives that were issued on or before Feb. 24, 2022, through 12:01 a.m. EDT May 25, 2022. Updated License 21A, which replaces License 21, allows certain wind-down activities with Sberbank, Alrosa or any entities they own by 50% or more through 12:01 a.m. EDT June 7, 2022.
Newly issued License 24 allows wind-down activities with Alrosa through 12:01 a.m. EDT May 7, 2022, and new License 25 allows certain transactions related to the "receipt or transmission of telecommunications" involving Russia.