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Is Belarus an OFAC sanctioned country?

Is Belarus an OFAC sanctioned country?

In April 2021, OFAC revoked wind-down General License 2H and imposed, as of June 3, 2021, comprehensive sanctions against nine Belarusian state-owned entities and their 50%-or-more owned subsidiaries: Belarusian Oil Trade House (a transaction clearinghouse) Belneftekhim (a petrochemical company) Belneftekhim USA, Inc.

What are OFAC licenses?

A license is an authorization from OFAC to engage in a transaction that otherwise would be prohibited. There are two types of licenses: general licenses and specific licenses. A general license authorizes a particular type of transaction for a class of persons without the need to apply for a license.

How do I verify a OFAC license?

  1. To verify a specific license, please contact the OFAC Licensing Division at 1-202-622-2480.
  2. To verify an SDN removal letter, please email [email protected].
  3. To verify another OFAC document, please contact the OFAC Compliance Division at 1-202-622-2490.

What are OFAC requirements?

In general, the regulations that OFAC administers require banks to do the following:

  • Block accounts and other property of specified countries, entities, and individuals.
  • Prohibit or reject unlicensed trade and financial transactions with specified countries, entities, and individuals.

Who do OFAC sanctions apply to?

The Office of Foreign Assets Control (“OFAC”) of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities …

What are 3 types of sanctions?

Types

  • Reasons for sanctioning.
  • Diplomatic sanctions.
  • Economic sanctions.
  • Military sanctions.
  • Sport sanctions.
  • Sanctions on individuals.
  • Sanctions on the environment.
  • Support for use.

What are the four criminal sanctions?

Criminal sanctions include capital punishment, imprisonment, corporal punishment, banishment, house arrest, community supervision, fines, restitution, and community service.

How to apply for an OFAC license for Belarus?

Certain activities related to the Belarus Sanctions may be allowed if they are licensed by OFAC. Visit the link below to apply for an OFAC license. Apply for an OFAC License Online – Authorization from OFAC to engage in a transaction that otherwise would be prohibited.

What does a general license OFAC do?

General Licenses OFAC issues general licenses in order to authorize activities that would otherwise be prohibited with regard to the Belarus Sanctions. General licenses allow all U.S. persons to engage in the activity described in the general license without needing to apply for a specific license.

Is the US revoking Belarus general license 2H?

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is revoking Belarus General License 2G and replacing it with Belarus General License 2H, “Authorizing the Wind Down of Transactions Involving Certain Blocked Entities.”

When does OFAC issue interpretive guidance to the public?

OFAC issues interpretive guidance on specific issues related to the sanctions programs it administers. These interpretations of OFAC policy are sometimes published in response to a public request for guidance or may be released proactively by OFAC in order to address a complex topic.