OFAC Publishes Renewed General Licenses for Sakhalin-2, Nuclear Energy, and Lukoil
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The Office of Foreign Assets Control published four General Licenses that temporarily allow transactions usually blocked by U.S. sanctions on Russia. These licenses renew permissions that were already in effect, replacing previous versions that are expiring.
Why it matters: This action extends the validity of existing permissions. Without these publications, the previous general licenses would expire, and the transactions they cover would become prohibited again. It allows affected businesses to continue operations under the current rules for a set period without needing new approvals.
Who it affects
- U.S. companies and individuals involved in the Sakhalin-2 oil project.
The Office of Foreign Assets Control published these general licenses in the Federal Register. Review the full text of General Licenses 55E, 115C, 13P, and 131C on OFAC’s website before relying on this summary.
Agency: Treasury Department, Foreign Assets Control Office
Source: Federal Register — read the official document