On June 14, 2022, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued amended Russia-related General License No. 8C extending the authorization to conduct transactions involving the Central Bank of Russia and certain Russian banks that are related to energy until December 5, 2022. The original General License No. 8, issued on February 24, 2022 had previously been amended to expand the scope of Russian entities, but was schedule to expire on June 24, 2022.
The term “related to energy” means the extraction, production, refinement, liquefaction, gasification, regasification, conversion, enrichment, fabrication, transport, or purchase of petroleum, including crude oil, lease condensates, unfinished oils, natural gas liquids, petroleum products, natural gas, or other products capable of producing energy, such as coal, wood, or agricultural products used to manufacture biofuels, or uranium in any form, as well as the development, production, generation, transmission, or exchange of power, through any means, including nuclear, thermal, and renewable energy sources. This definition remains unchanged from the original issuance of General License No. 8.
General License No. 8C authorizes energy-related transactions through 12:01 a.m. EST, December 5, 2022, unless renewed. In the event that this general license is not renewed, OFAC has indicated that it intends to issue a general license authorizing the orderly wind down of activities covered by General License No. 8C.