GL-123

Summary

This license authorizes U.S. persons to divest or transfer debt or equity issued or guaranteed by Wafangdian Bearing Company Limited (or entities it owns 50% or more) to non-U.S. persons, and to facilitate, clear, and settle trades of such covered debt or equity placed before January 15, 2025. It also authorizes the wind down of derivative contracts entered into before January 15, 2025 that involve Wafangdian as a counterparty or are linked to covered debt or equity. All authorizations expire at 12:01 a.m. eastern standard time, March 1, 2025.

Authorized activities

• Divestment or transfer, or facilitation of divestment or transfer, of Covered Debt or Equity to a non-U.S. person (through 12:01 a.m. EST, March 1, 2025)
• Facilitating, clearing, and settling trades of Covered Debt or Equity placed prior to 4:00 p.m. EST, January 15, 2025 (through 12:01 a.m. EST, March 1, 2025)
• Wind down of derivative contracts entered into prior to 4:00 p.m. EST, January 15, 2025 that include a blocked person as counterparty or are linked to Covered Debt or Equity (through 12:01 a.m. EST, March 1, 2025)

Conditions

Paragraph (a) does not authorize U.S. persons to sell, or facilitate the sale of, Covered Debt or Equity to any blocked person, or to purchase/invest in Covered Debt or Equity except as incident to divestment. Any payments to a blocked person under paragraph (c) must be made into a blocked account in accordance with the RuHSR. The license does not authorize transactions prohibited by Directive 2 or Directive 4 under E.O. 14024, or any other transactions otherwise prohibited by the RuHSR involving persons blocked thereunder (other than Wafangdian and its 50%+ owned entities), unless separately authorized.