[Federal Register Volume 87, Number 173 (Thursday, September 8, 2022)]
[Rules and Regulations]
[Pages 54897-54898]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-19313]


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DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control

31 CFR Part 587


Publication of Russian Harmful Foreign Activities Sanctions 
Regulations Web General Licenses 38A and 50

AGENCY: Office of Foreign Assets Control, Treasury.

ACTION: Publication of web general licenses.

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SUMMARY: The Department of the Treasury's Office of Foreign Assets 
Control (OFAC) is publishing two general licenses (GLs) issued in the 
Russian Harmful Foreign Activities Sanctions Regulations: GLs 38A and 
50, each of which was previously made available on OFAC's website.

DATES: GLs 38A and 50 were issued on August 19, 2022. See SUPPLEMENTARY 
INFORMATION for additional relevant dates.

FOR FURTHER INFORMATION CONTACT: OFAC: Assistant Director for 
Licensing, 202-622-2480; Assistant Director for Regulatory Affairs, 
202-622-4855; or Assistant Director for Sanctions Compliance & 
Evaluation, 202-622-2490.

SUPPLEMENTARY INFORMATION:

Electronic Availability

    This document and additional information concerning OFAC are 
available on OFAC's website: www.treas.gov/ofac.

Background

    On August 19, 2022, OFAC issued GLs 38A and 50 to authorize certain 
transactions otherwise prohibited by the Russian Harmful Foreign 
Activities Sanctions Regulations, 31 CFR part 587.
    GL 38A replaced and superseded GL 38 and contains no expiration 
date. GL 50 contains no expiration date. At the time of issuance, GLs 
38A and 50 were each made available on OFAC's website (www.treas.gov/ofac). The text of these GLs is provided below.

OFFICE OF FOREIGN ASSETS CONTROL

Russian Harmful Foreign Activities Sanctions Regulations 31 CFR Part 
587

GENERAL LICENSE NO. 38A

Authorizing Transactions Related to Pension Payments

    (a) Except as provided in paragraph (b) of this general license, 
all transactions ordinarily incident and necessary to the processing of 
pension payments to (1) U.S. persons or (2) non-U.S. persons not 
located in the Russian Federation, that are prohibited by Executive 
Order (E.O.) 14024 are authorized, provided that the only involvement 
of blocked persons is the processing of funds by financial institutions 
blocked pursuant to E.O. 14024.
    (b) This general license does not authorize:
    (1) The opening or maintaining of a correspondent account or 
payable-through account for or on behalf of any entity determined to be 
subject to the prohibitions of Directive 2, Prohibitions Related to 
Correspondent or Payable-Through Accounts and Processing of 
Transactions Involving Certain Foreign Financial Institutions;
    (2) Any debit to an account on the books of a U.S. financial 
institution of the Central Bank of the Russian Federation, the National 
Wealth Fund of the Russian Federation, or the Ministry of Finance of 
the Russian Federation; or
    (3) Any transactions otherwise prohibited by the Russian Harmful 
Foreign Activities Sanctions Regulations, 31 CFR part 587 (RuHSR), 
including transactions involving any person blocked pursuant to the 
RuHSR other than the blocked persons described in paragraph (a) of this 
general license, unless separately authorized.
    (c) Effective August 19, 2022, General License No. 38, dated June 
2, 2022, is replaced and superseded in its entirety by this General 
License No. 38A.

Andrea M. Gacki,

Director, Office of Foreign Assets Control.

    Dated: August 19, 2022.

OFFICE OF FOREIGN ASSETS CONTROL

Russian Harmful Foreign Activities Sanctions Regulations 31 CFR Part 
587

GENERAL LICENSE NO. 50

Authorizing the Closing of Individual Accounts at Financial 
Institutions Blocked Pursuant to Executive Order 14024

    (a) Except as provided in paragraph (b) of this general license, 
all transactions prohibited by Executive Order (E.O.) 14024 that are 
ordinarily incident and necessary to (i) the closing of an account of 
an individual, wherever located, who is not a blocked person (``the 
account holder''), held at a financial institution blocked pursuant to 
E.O. 14024, and (ii) the unblocking and lump sum transfer of all 
remaining funds and other assets in the account to the account holder, 
including to an account of the account holder held at a

[[Page 54898]]

non-blocked financial institution, are authorized.
    (b) This general license does not authorize:
    (1) The opening or maintaining of a correspondent account or 
payable-through account for or on behalf of any entity subject to 
Directive 2 under E.O. 14024, Prohibitions Related to Correspondent or 
Payable-Through Accounts and Processing of Transactions Involving 
Certain Foreign Financial Institutions;
    (2) Any transactions prohibited by Directive 4 under E.O. 14024, 
Prohibitions Related to Transactions Involving the Central Bank of the 
Russian Federation, the National Wealth Fund of the Russian Federation, 
and the Ministry of Finance of the Russian Federation; or
    (3) Any transactions otherwise prohibited by the Russian Harmful 
Foreign Activities Sanctions Regulations, 31 CFR part 587 (RuHSR), 
including transactions involving any person blocked pursuant to the 
RuHSR other than the blocked persons described in paragraph (a) of this 
general license, unless separately authorized.

Andrea M. Gacki,

Director, Office of Foreign Assets Control.

    Dated: August 19, 2022.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.
[FR Doc. 2022-19313 Filed 9-7-22; 8:45 am]
BILLING CODE 4810-AL-P