New OFAC License Authorizes Certain Transactions With Russia's Gazprombank

A new general license issued by the Office of Foreign Assets Control this week authorizes transactions with Russia’s Gazprombank if those payments involve certain civil nuclear energy projects.

General License 115, issued Dec. 18, authorizes transactions with the bank, or any entity it owns by 50% or more, “undertaken solely to maintain or support civil nuclear projects” that began before Nov. 21. The license doesn’t authorize transactions related to Russia’s Paks II nuclear power plant project as well as certain other activities. The license is valid through 12:01 a.m. EDT June 30.