Frequently Asked Questions

962. Can banks process transactions related to activities authorized by General Licenses (GLs) 14, 15, 16, 17, 18, 19, and 20?

962 … Yes. Transactions that are ordinarily incident and necessary to give effect to the activities authorized in General Licenses (GL) 14 , GL 15 , GL 16 , GL 17 , GL 18 , GL 19 , or GL 20 , including clearing, settlement, and transfers through, to, or otherwise involving privately owned and… Read more

963. Can humanitarian organizations ship cash into Afghanistan for use in delivering humanitarian assistance?

963 … Yes, cash shipments to Afghanistan may be authorized under General Licenses (GL) 14 , GL 18 , GL 19 , or GL 20 provided that they are ordinarily incident and necessary to effectuate the activities authorized by the GLs. As with all OFAC GLs, GLs 14, 18, 19, and 20 are “self-executing,”… Read more

972. Do non-U.S. financial institutions have to comply with the prohibitions of Directive 2 under Executive Order (E.O.) 14024, “Prohibitions Related to Correspondent or Payable-Through Accounts and Processing of Transactions Involving Certain Foreign Financial Institutions” (Russia-related CAPTA Directive)?

972 … Under the Russia-related CAPTA Directive , U.S. financial institutions are prohibited from the opening or maintaining of a correspondent account or payable-through account for or on behalf of, or from processing of a transaction involving, a foreign financial institution determined to be… Read more

984. What does Directive 3 under Executive Order (E.O.) 14024, “Prohibitions Related to New Debt and Equity of Certain Russia-related Entities” (Russia-related Entities Directive) prohibit?

984 … The Russia-related Entities Directive prohibits certain dealings by U.S. persons or within the United States in new debt of longer than 14 days maturity or new equity of Russian entities determined to be subject to the prohibitions of the directive or their property or interests in property… Read more

968. What foreign financial institutions are listed in Annex 1 to Directive 2 under Executive Order (E.O.) 14024, “Prohibitions Related to Correspondent or Payable-Through Accounts and Processing of Transactions Involving Certain Foreign Financial Institutions” (Russia-related CAPTA Directive)?

968 … Annex 1 to the Russia-related CAPTA Directive identifies Public Joint Stock Company Sberbank of Russia as well as many of its foreign financial institution subsidiaries. The foreign financial institutions listed in Annex 1 have been determined to be subject to the prohibitions of the Russia-… Read more

969. Does OFAC’s 50 Percent Rule apply to foreign financial institutions listed in Annex 1 to Directive 2 under Executive Order (E.O.) 14024, “Prohibitions Related to Correspondent or Payable-Through Accounts and Processing of Transactions Involving Certain Foreign Financial Institutions” (Russia-related CAPTA Directive)?

969 … Yes. The prohibitions of the Russia-related CAPTA Directive apply to any foreign financial institution listed in Annex 1 to the Russia-related CAPTA Directive or otherwise determined to be subject to the prohibitions of the Russia-related CAPTA Directive, “or their property or interests in… Read more

970. Are foreign financial institutions (FFIs) located outside of Russia potentially subject to the prohibitions of Directive 2 under Executive Order (E.O.) 14024, “Prohibitions Related to Correspondent or Payable-Through Accounts and Processing of Transactions Involving Certain Foreign Financial Institutions” (Russia-related CAPTA Directive)?

970 … Yes. The prohibitions of the Russia-related CAPTA Directive apply to a U.S. financial institution’s opening or maintaining of a correspondent account or payable-through account for or on behalf of, or processing of a transaction involving, any FFI, wherever located outside of the United… Read more

1131. Is LETTERONE HOLDINGS S.A. (LetterOne) blocked as a result of the designation of Petr Olegovich Aven, Mikhail Maratovich Fridman, German Borisovich Khan, and Alexey Viktorovich Kuzmichev?

1131 … No. OFAC has not designated LetterOne and, based on information available to OFAC, LetterOne is not owned 50 percent or more by blocked persons or otherwise considered the blocked property or interest in property of blocked persons, including Petr Olegovich Aven, Mikhail Maratovich Fridman… Read more

1132. Does the determination of August 23, 2023, made pursuant to Executive Order (E.O.) 14014 with regard to the jet fuel sector of the Burmese economy mean that all persons that operate or have operated in this sector of the Burmese economy are sanctioned by OFAC?

1132 … No. The OFAC Director, in consultation with the Department of State, has issued a determination pursuant to E.O. 14014 that authorizes the imposition of economic sanctions on any foreign person determined to operate in the jet fuel sector of the Burmese economy. A sector determination… Read more

1133. For the purposes of the determination of August 23, 2023, made pursuant to Executive Order (E.O.) 14014, what is meant by the term “jet fuel sector of the Burmese economy”?

1133 … For the purposes of the determination of August 23, 2023 made pursuant to E.O. 14014 , OFAC interprets the term “jet fuel sector of the Burmese economy” to include activities related to the importation, exportation, reexportation, sale, supply, or transport, directly or indirectly, of jet… Read more

Frequently Asked Questions

Office of Terrorism and Financial Intelligence