US Sanctions relating to Russia - Winding down time extended to 7 January 2019 for Rusal and others
23 November 2018
US Sanctions relating to Russia - Winding down time extended to 7 January 2019 for Rusal and others
As Members are already aware from our News Alert of April 2018, click here, the US Department of the Treasury's Office of Foreign Assets Control (“OFAC”) has added a number of Russian oil and gas, energy and power companies, as well a number of producers of aluminium, machinery and weapons to their US Specially Designated Nationals List. Whilst major aluminium trader Rusal remains on the list, OFAC have further extended the time permitted to wind-down operations, contracts or other agreements with Rusal, EN+ or GAZ Group, or any entity in which those entities hold a 50% or greater interest, until 7 January 2019.
Members can access the US Treasury Department’s Press Releases of 9 November 2018 on the most recent extension, with links to copies of the relevant General Licences, by clicking here.
A detailed commentary on the previous extension from US lawyers Freehill Hogan and Mahar LLP is available here.