Frequently Asked Questions

946. Can U.S. financial institutions continue to maintain correspondent accounts and process U.S. dollar-clearing transactions for the Ministry of Finance of the Republic of Belarus or the Development Bank of the Republic of Belarus?

946 … Yes. U.S. financial institutions may continue to maintain correspondent accounts and process U.S. dollar-clearing transactions for the Ministry of Finance of the Republic of Belarus or the Development Bank of the Republic of Belarus, provided such activity is not otherwise prohibited… Read more

947. If a U.S. person entered into a revolving credit facility or long-term loan agreement for a person determined to be subject to Directive 1 under E.O. 14038 prior to December 2, 2021, what are the restrictions on drawdowns from that facility? Do all drawdowns and disbursements pursuant to the parent agreement need to carry repayment terms of 90 days or less?

947 … If a U.S. person entered into a revolving credit facility or long-term loan agreement prior to December 2, 2021, drawdowns and disbursements with repayment terms of 90 days or less are permitted. In addition, drawdowns and disbursements whose repayment terms exceed 90 days are not prohibited… Read more

948. Does Directive 1 under E.O. 14038 prohibit U.S. persons from entering into derivatives contracts linked to new debt issued by the Ministry of Finance of the Republic of Belarus or the Development Bank of the Republic of Belarus?

948 … Yes. Transactions by U.S. persons and within the United States involving derivative products whose value is linked to an underlying asset that constitutes prohibited debt issued by a person subject to Directive 1 under E.O. 14038 are prohibited, unless otherwise authorized by the Office of… Read more

956. For the Belarus, Russian Harmful Foreign Activities (Russia) Ukraine-/Russia-related, and Venezuela-related sanctions programs, how does OFAC view modifications to pre-existing loans, contracts, or other agreements to replace London Interbank Offered Rate (LIBOR) as the reference rate?

956 … In July 2017, the United Kingdom Financial Conduct Authority (FCA) announced the “future cessation and loss of representativeness” of the ICE Benchmark Administration’s 35 global reference rates, the LIBOR rates. In light of the discontinuation of LIBOR as a benchmark reference rate, OFAC is… Read more

912. What does Belarus General License 3 (GL 3), “Authorizing Certain Transactions with the State Security Committee of the Republic of Belarus,” authorize?

912 … Belarus GL 3 authorizes transactions and activities with the State Security Committee of the Republic of Belarus (the Belarusian KGB) that are necessary and ordinarily incident to requesting, receiving, utilizing, paying for, or dealing in certain licenses and authorizations for the… Read more

913. Does Belarus GL 3 authorize the exportation of hardware or software to the Belarusian KGB, or where the Belarusian KGB is the end user of such hardware and software?

913 … No. Belarus GL 3 does not authorize the exportation, reexportation, or provision of any goods, technology, or services to the Belarusian KGB or any other blocked person, except for the limited purposes of complying with rules and regulations administered by, and certain actions and… Read more

Frequently Asked Questions

Office of Terrorism and Financial Intelligence