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U.S. Russian Sanctions - *RUSAL Update*
28 January 2019
We refer to our previous Club Updates of 23 April 2018 , 24 September 2018 , 17 October 2018, 13 November 2018 and 10 December 2018.
On 27 January 2019 OFAC lifted the sanctions imposed on Rusal and, therefore, they have been removed from the U.S. Specially Designated Nationals list. The Press Release from the U.S. Department of the Treasury can be read here. Accordingly, subject to no other sanctions issues arising (for example in relation to the activity being undertaken), trade with Rusal will not be subject to U.S. sanctions.
10 December 2018
We refer to our previous Club Updates of 23 April 2018 , 24 September 2018 , 17 October 2018 and 13 November 2018.
Pursuant to General Licence 14D, dated 7 December 2018, (which replaces and supersedes General Licence 14C), OFAC has further extended the expiration date for continuing maintenance or wind down activities with RUSAL (or any other entity in which RUSAL owns, directly or indirectly, a 50 percent or greater interest) to 21 January 2019.
13 November 2018
We refer to our previous Club Updates of 23 April 2018 , 24 September 2018 and 17 October 2018 (See below).
This Club Update is to advise that OFAC has once again, by virtue of General Licence 14C dated 9 November 2018 (which replaces and supersedes General Licence 14B), extended the expiration date for continuing maintenance or wind down activities with RUSAL (or any other entity in which RUSAL owns, directly or indirectly, a 50 percent or greater interest) to 7 January 2019.
17 October 2018
We refer to our previous Club Updates of 23 April 2018 and 24 September 2018 (See below).
This Club Update is to advise that OFAC has once again, by virtue of General Licence 14B dated 12 October 2018 (which replaces and supersedes General Licence 14A), extended the expiration date for continuing maintenance or wind down activities with RUSAL (or any other entity in which RUSAL owns, directly or indirectly, a 50 percent or greater interest) to 12 December 2018.
24 September 2018
We reported in our Club Update of 23 April 2018 that on 6 April 2018 there were updates to the U.S. Specially Designated Nationals (“SDN” list) and that on 23 April 2018 OFAC issued General Licence 14 in relation to United Company RUSAL PLC (“RUSAL”).
On 21 September 2018 General Licence 14 was replaced and superseded by General Licence 14A. General Licence 14A extends the expiration date for continuing maintenance or wind down activities with RUSAL (or any other entity in which RUSAL owns, directly or indirectly, a 50 percent or greater interest) from 23 October 2018 to 12 November 2018.
