OFAC Issues Russia-Related Licenses, Deletes SDN Entries
The Office of Foreign Assets Control on Aug. 19 issued one new Russia-related general license, updated an existing Russia-related general license and deleted a range of entries from its Specially Designated Nationals List.
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New General License No. 50 authorizes the closing of individual accounts at certain sanctioned financial institutions. The license also authorizes the “lump sum transfer of all remaining funds and other assets in the account to the account holder, including to an account of the account holder held at a non-blocked financial institution.” General License No. 38A, which replaces General License No. 38, includes new language to authorize certain transactions involving pension payments to both U.S. persons or non-U.S. persons located outside of Russia.
OFAC also deleted a range of SDN entries, including entities and people with listed addresses in Mexico, Colombia, the Czech Republic, Uzbekistan, Kazakhstan and Peru. An agency spokesperson said the entries were removed because they are "no longer engaged in the activities underlying their original designations or other sanctionable activities."