OFAC Allows Time to Close Out Transactions With Kovay Gardens

The Treasury Department’s sanctions office issued General License 34 on February 19, 2026. This license gives a temporary window to wrap up business with an entity called Kovay Gardens.

Why it matters: This is a standard administrative step. When the sanctions office adds an entity to its list, it usually allows a grace period so that people or businesses with existing ties can close out accounts and settle obligations without breaking the rules. This license provides that window for Kovay Gardens. It does not lift sanctions on Kovay Gardens; it only permits the final steps to end business relationships.

Who it affects

• Parties with existing financial ties to Kovay Gardens who need to close out accounts or settle payments.

---

The Office of Foreign Assets Control issued General License 34. Because sanctions rules are technical and specific, you should review the full text on OFAC’s website before relying on this summary for compliance decisions.

Agency: Treasury Department, Foreign Assets Control Office
Source: Federal Register — read the official document