The U.S. Department of Treasury issued on Friday a license authorizing wind-down activities with sanctioned Russian banks throughout May 25, 2023
WASHINGTON (Pakistan Point News / Sputnik - 24th February, 2023) The U.S. Department of Treasury issued on Friday a license authorizing wind-down activities with sanctioned Russian banks throughout May 25, 2023.
"Except as provided in paragraph (c) of this general license, all transactions prohibited by Executive Order (E.O.) 14024 that are ordinarily incident and necessary to the wind down of transactions involving one or more of the following blocked persons (collectively, "the Blocked Entities") are authorized through 12:01 a.m. eastern daylight time, May 25, 2023, provided that any payment to a Blocked Entity is made into a blocked account in accordance with the Russian Harmful Foreign Activities Sanctions Regulations, 31 CFR part 587 (RuHSR)," Treasury said in its General Licence No.60, Authorizing the Wind Down and Rejection of Transactions Involving Certain Entities Blocked on February 24, 2023.
The license will allow for wind-down activities with Bank Saint-Petersburg Public Joint Stock Company, Bank Zenit Public Joint Stock Company, Joint Stock Commercial Bank Primorye, Public Joint Stock Company Bank Uralsib, Joint Stock Company Commercial Bank Lanta Bank, SDM-Bank Public Joint Stock Company, Public Joint Stock Company Stock Commercial Bank Metallurgical Investment Bank, Public Joint Stock Company Ural Bank for Reconstruction And Development, and Credit Bank Moscow Public Joint Stock Company, the statement reads.
Moreover, the license will also allow for the same activities with any entity owned at 50% or more, directly or indirectly, from the listed financial institutions.
Transactions remain prohibited with the Bank of the Russian Federation, the National Wealth of Fund of the Russian Federation and the country's Finance Ministry, the statement continued.
