On November 9, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued General License (“GL”) 76A to clarify that the GL applies to “Public Joint Stock Company Saint Petersburg Exchange.” The previous GL version that was issued on November 2, 2023 incorrectly listed the entity’s name as “Saint Petersburg Stock Exchange.” The rest of the GL remains unchanged.
GL 76A authorizes U.S. persons, until January 31, 2024, to wind down transactions involving one or more of the following blocked entities (collectively, “GL 76A Blocked Entities”), provided that any payment to a GL 76A Blocked Entity must be paid into a blocked account:
For additional information involving Russia-related sanctions, visit Locke Lord’s Russia Sanctions Resource Center.
ConclusionThis paper is intended as a guide only and is not a substitute for specific legal or tax advice. Please reach out to the authors for any specific questions. We expect to continue to monitor the topics addressed in this paper and provide future client updates when useful.
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