US TREASURY EXTENDS TEMPORARY LICENCE EXTENSION FOR RUSSIAN GAZ GROUP

On 20th December, the US Treasury announced that OFAC had extended the expiration date of 2 general licences related to GAZ Group by issuing General License 131 (Authorising Certain Transactions Necessary to Divest or Transfer Debt, Equity, or Other Holdings in Certain Blocked Persons) and General License 15D (Authorising Certain Activities Necessary to Maintenance or Wind Down of Operations or Existing Contracts).  The extensions run to 7th March 2019, or (for matters involving EN+ Group PLC or United Company RUSAL PLC, or entities in which those persons own, directly or indirectly, a 50% or greater interest) 21st January 2019.

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20181220_66.aspx

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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