Frequently Asked Questions

570. I own shares in or global depositary receipts (GDRs) related to shares in an entity that was designated under E.O. 13661 or E.O. 13662, or blocked pursuant to OFAC’s 50 percent rule on April 6, 2018 as a result of such a designation.  What action am I allowed to take with respect to those shares or GDRs?

Answer

Until 12:01 a.m. eastern daylight time, May 25, 2022, General License (GL) 13R authorizes certain divestment and transfer activities related to debt, equity, or other holdings in GAZ Group, or in entities in which GAZ Group owns, directly or indirectly, a 50 percent or greater interest, that were issued by GAZ Auto Plant (“Other Issuer Holdings”), subject to certain conditions and exceptions.  Specifically, GL 13R authorizes U.S. persons to divest or transfer to a non-U.S. person, or to facilitate the transfer by a non-U.S. person to another non-U.S. person, debt, equity, or other holdings in GAZ Group or Other Issuer Holdings as described in GL13R.  However, such divestment, transfer, or facilitation must not result in U.S. persons selling debt, equity, or other holdings to; purchasing or investing in debt, equity, or other holdings in; or facilitating such transactions with, directly or indirectly, any blocked person, including GAZ Group, other than transactions and activities involving GAZ Group, or entities in which GAZ Group owns, directly or indirectly, a 50 percent or greater interest that are ordinarily incident and necessary to the divestment or transfer of debt, equity, or other holdings in the entities identified in GL 13R.  Please see GL 13R for further details.

GL 13R superseded GL 13Q on April 25, 2022.  After the expiration of GL 13R, U.S. persons will be prohibited from engaging in any divestment or transfer activities on behalf of U.S. persons or non-U.S. persons related to debt, equity, or other holdings that previously were authorized in GL 13R.

Date Updated: April 25, 2022

 

Date Released
July 22, 2020