OFAC Issues General License for Russian-Hungarian Power Plant

The Office of Foreign Assets Control issued a new general license Nov. 21 that authorizes certain transactions with Paks II Civil Nuclear Power Plant, a Hungary-based power plant made with certain Russian-origin technology. General License 132 allows certain transactions involving the plant and 12 Russian banks and financial institutions, including Gazprombank, Sovcombank, Russia's National Clearing Center and the Central Bank of Russia. The license has no expiration date.

Secretary of State Marco Rubio told reporters earlier this month that the U.S. planned to issue a sanctions waiver to Hungary to complete construction related to the plant. "Because it involves a Russian company that did the design and build, we want them to be able to complete [the plant] because we want them to be energy independent," he said.