The U.S. granted sanctions relief this week for three Belarusian potash companies, days after the country's government freed political prisoners, reportedly in exchange for the eased sanctions.
The Office of Foreign Assets Control this week extended a Russia-related general license that authorizes certain transactions for the negotiation of and entry into contingent contracts for the sale of Lukoil International GmbH -- the international business of Russian energy firm Lukoil -- and related maintenance activities. General License 131A, which replaces 131, now expires at 12:01 a.m. ET Jan. 17. The license was scheduled to expire Dec. 13 (see 2511140039).
The Office of Foreign Assets Control this week renewed and revised the language in a general license that authorizes certain transactions involving Lukoil retail service stations located outside Russia.
A client alert this month from law firm Bracewell includes a table of Russian energy-related general licenses recently issued by the U.S., the U.K. and the EU, what they authorize and their expiration dates. The licenses cover certain transactions in light of sanctions against major Russian energy firms Rosneft, Lukoil, their subsidiaries, and other Russia-related transactions (see 2510290011, 2510220012 and 2510230014).
The Office of Foreign Assets Control this week issued a maximum $4.67 million fine against a real estate investor for mortgaging, renovating, and selling a real estate property owned by a sanctioned Russian oligarch’s family member.
The Office of Foreign Assets Control issued a new general license Nov. 21 that authorizes certain transactions with Paks II Civil Nuclear Power Plant, a Hungary-based power plant made with certain Russian-origin technology. General License 132 allows certain transactions involving the plant and 12 Russian banks and financial institutions, including Gazprombank, Sovcombank, Russia's National Clearing Center and the Central Bank of Russia. The license has no expiration date.
A potential buyer of Russian energy firm Lukoil's international business will need to obtain a separate authorization from the Office of Foreign Assets Control -- aside from the agency's existing general license for the firm -- to complete the sale, OFAC said in a new FAQ this week.
The Office of Foreign Assets Control issued four new or amended Russia-related general licenses Nov. 14. General License 124B, which replaces 124A, authorizes petroleum services and other transactions related to the Caspian Pipeline Consortium, Tengizchevroil and Karachaganak projects. General License 128A, which replaces 128, authorizes certain transactions involving Lukoil retail service stations located outside Russia. General License 130 authorizes transactions involving certain Lukoil entities in Bulgaria, and General License 131 authorizes certain transactions for the negotiation of and entry into contingent contracts for the sale of Lukoil International GmbH and related maintenance activities.
Although China agreed to temporarily suspend its sweeping rare earth export restrictions, the threat of those controls returning appears likely, said Jude Blanchette, director of the Rand China Research Center.
The U.K. last week extended a general license that authorizes certain transactions related to humanitarian activities involving Israel, Palestine and Lebanon. The license was recently renewed through Nov. 14 (see 2410100030), and the Office of Financial Sanctions Implementation again renewed it, this time through Nov. 14, 2027. OFSI also amended certain reporting deadlines, revised the definition for “Relevant Person," changed the definition of “UK Funded Person” to include any person who has received U.K. government funding in the last five years, and more.