Frequently Asked Questions

939 … GL 5 authorizes, through 12:01a.m. eastern standard time, April 1, 2022, all transactions and activities prohibited by Executive Order (E.O.) 14038 that are ordinarily incident and necessary to the wind down of transactions involving Open Joint Stock Company Belarusian Potash Company (BPC) or… Read more

940 … Pursuant to Directive 1 under E .O. 14038 , the following activities by U.S. persons or within the United States are prohibited, except to the extent provided by law or unless licensed or otherwise authorized by the Office of Foreign Assets Control:  all transactions in, provision of… Read more

941 … Yes. … Does Directive 1 under E.O. 14038 prohibit U.S. persons from engaging in dealings in both the primary and secondary markets for new debt with a maturity of greater than 90 days issued on or after December 2, 2021 by the Ministry of Finance of the Republic of Belarus or the Development… Read more

942 … No, so long as the terms of such debt (including the repayment period, the interest rate, and the amount) were contractually agreed to before December 2, 2021 and are not modified on or after December 2, 2021. … Does Directive 1 under E.O. 14038 prohibit U.S. persons from engaging in dealings… Read more

943 … No.  The prohibitions in Directive 1 do not apply to any entity that is owned, directly or indirectly, 50 percent or more by the Ministry of Finance of the Republic of Belarus or the Development Bank of the Republic of Belarus, whether individually or in the aggregate. … Does the 50 Percent… Read more

944 … The term debt includes bonds, loans, extensions of credit, loan guarantees, letters of credit, drafts, bankers’ acceptances, discount notes or bills, or commercial paper. … What constitutes “debt” pursuant to Directive 1 under E.O. …

945 … No.   Directive 1 under E.O. 14038 prohibits U.S. persons from engaging in only certain activities with the Ministry of Finance of the Republic of Belarus or the Development Bank of the Republic of Belarus, as explained in  FAQ 940 .  All other activities with the Ministry of Finance of the… Read more

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 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 … 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