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U.S. Treasury Extends Wind-Down Period for United Company RUSAL PLC

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today issued General License 14 in the Ukraine-/Russia-related sanctions program.

General License 14 is extended to 23 October 2018 and authorizes U.S. persons to engage in specified transactions related to the maintenance or wind down of operations, contracts, or other agreements, including the importation of goods, services, or technology into the United States, involving United Company RUSAL PLC or any other entity in which United Company RUSAL PLC owns, directly or indirectly, a 50% or greater interest.

In accordance with pre-existing OFAC guidance, OFAC will not impose secondary sanctions on non-U.S. persons for engaging in the same activity involving RUSAL or its subsidiaries that General License 14 authorizes U.S. persons to engage in.

Previously, citizens were ordered to close effective contracts and terminate interaction with the company by 5 June 2018.