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 Issuance of Ukraine-/Russia-related General License 1B; Updated FAQs

Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is issuing Ukraine-/Russia-related General License 1B and is publishing updated Ukraine-/Russia-related FAQs and one new Ukraine-/Russia-related FAQ.  These changes relate to the amended Ukraine-/Russia-related Directives 1 and 2 that were issued on September 29, 2017 in accordance with Title II of the Countering America’s Adversaries Through Sanctions Act of 2017 (CAATSA).  Certain CAATSA-related prohibitions in amended Directives 1 and 2 had a delayed effective date of November 28, 2017.  In order to account for the fact that the CAATSA-related prohibitions in amended Directives 1 and 2 have now come into effect, OFAC is issuing General License 1B to address the decrease in the maturity dates for Directive 1 from 30 days to 14 days, and the decrease in the maturity dates for Directive 2 from 90 days to 60 days; in the case of both directives, these new prohibitions relate to debt issued on or after November 28, 2017.  OFAC is also publishing updated Ukraine-/Russia-related FAQs and one new FAQ.

Last Updated: 11/28/2017 11:30 AM