OFAC revised two existing Frequently Asked Questions (FAQs) and issued one new FAQ on Ukraine-related sanctions. Revised FAQ 395 clarifies the circumstances under which U.S. persons may and may not deal in or process transactions under a letter of credit. Revised FAQ 419 explains the debt prohibitions imposed by the Ukraine-related sanctions in connection with payment terms for various types of transactions. Finally, new FAQ 453 describes how OFAC interprets General License 6, which authorizes U.S. financial institutions to process personal, noncommercial remittances from or to Crimea.
See the FAQs page on OFAC’s website for additional information.