The US Department of the Treasury on Wednesday issued a license authorizing certain debt securities servicing transactions involving the Russia-controlled International Investment Bank (IIB) that was sanctioned by Washington earlier this spring
WASHINGTON (Pakistan Point News / Sputnik - 01st June, 2023) The US Department of the Treasury on Wednesday issued a license authorizing certain debt securities servicing transactions involving the Russia-controlled International Investment Bank (IIB) that was sanctioned by Washington earlier this spring.
"(A)ll transactions prohibited by Executive Order 14024 that are ordinarily incident and necessary to the processing of interest or principal payments on debt securities issued by International Investment Bank prior to April 12, 2023, are authorized through 12:01 a.m. eastern daylight time June 30, 2023, provided that such interest or principal payments are not made to persons located in the Russian Federation...," the new license read.
The license also authorized US financial institutions to unblock interest or principal payments that were blocked on or after April 12, 2023, but before May 31, 2023, on debt securities issued by IIB prior to April 12, 2023.
In April, the United States imposed sanctions on IIB and its management. The bank decided to move its headquarters from Budapest to Russia due to US sanctions and Hungary's withdrawal of its representatives from the bank.
