GL-14

Summary

This license authorizes transactions prohibited by Directive 4 under E.O. 14024 involving the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, or the Ministry of Finance of the Russian Federation, but only where the Directive 4 entity's sole function is to act as an operator of a clearing and settlement system. The authorization is subject to conditions that no assets are transferred to or from any Directive 4 entity and that no Directive 4 entity is a counterparty or beneficiary, unless separately authorized. Debits to accounts held by Directive 4 entities on the books of U.S. financial institutions are explicitly excluded.

Authorized activities

• Clearing and settlement transactions where a Directive 4 entity acts solely as operator of a clearing and settlement system
• Transactions involving the Central Bank of the Russian Federation in a clearing/settlement operator capacity
• Transactions involving the National Wealth Fund of the Russian Federation in a clearing/settlement operator capacity
• Transactions involving the Ministry of Finance of the Russian Federation in a clearing/settlement operator capacity

Conditions

Authorization is conditioned on: (i) no transfer of assets to or from any Directive 4 entity, unless separately authorized; (ii) no Directive 4 entity being either a counterparty or a beneficiary to the transaction, unless separately authorized; and (iii) the Directive 4 entity's sole function in the transaction being to act as an operator of a clearing and settlement system. Additionally, the license does not authorize any debit to an account on the books of a U.S. financial institution of any Directive 4 entity.