On October 19, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced the issuance of Ukraine-related General Licenses (GL) 13F and 15A, which extend the expiration date of previous Ukrainian-based general licenses to December 12 for wind-down transactions for certain companies that otherwise would be prohibited by Ukraine-Related Sanctions Regulations.

GL 13F supersedes GL 13E and authorizes, among other things, activities “ordinarily incident and necessary” for (i) the divestiture of the holdings of specific blocked persons to a non-U.S. person; and (ii) the facilitation of transfers of debt, equity, or other holdings involving specified blocked persons to a non-U.S. person. GL 15A, which supersedes GL 15, relates to permissible activities with the designated company and its subsidiaries, and applies to the maintenance and wind-down of operations, contracts, and agreements that were effective prior to April 6.

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