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November 17, 2016

OFAC Issues New Belarus-Related General License

On October 18, 2016, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) extended the authorization that generally permits U.S. persons to engage in transactions with certain Belarusian parties identified on OFAC’s Specially Designated Nationals and Blocked Persons List (SDN List) by issuing another six-month general license scheduled to expire on April 30, 2017. With the exception of the general license’s expiration date, there are no substantive changes between it and the former general license that was scheduled to expire on October 31, 2016.

Subject to limitations, U.S. persons may continue doing business with the following entities:

All property, including interests in property, belonging to the specified entities that were blocked prior to October 30, 2015 remains blocked and may not be dealt in. Additionally, U.S. persons engaging in a transaction or series of transactions involving a listed entity continue to be required, no later than 30 days after the execution of any such transaction or series of transactions in excess of $50,000, to file a report with the U.S. Department of State.